S&P 500 Levels to Watch - Possible Golden Cross

Back on September 14th (link to post) we suggested that the third time could be a charm for the S&P 500, and a few days thereafter it broke through previous resistance at about 1125.  Now comfortably above the 200-day average and having held the 1125 level the market is pausing at 1150.  1150 is a short term high from January and also the 176% projection level from the March-09 - June-09 Fibonacci Projection.  Technicians are watching it closely and based on the chart below their actions are having an impact.  Look for a close above 1150 to confirm the recent uptrend.

On different, but still technical, note: the 50-day average is now rapidly approaching the 200-day.  Shown below, it is going to take a significant sell-off to avoid a golden cross.  (We wonder if or when this point is going to come up in the media.)  The bottom line is that we're in a new month and a new quarter, momentum is to the upside and look for a big move either today or Monday which will set the trend for the rest of the month.