$SPX

The S&P is looking pretty bearish with a monthly engulfing pattern and a topping tail hammer. Take note of the consolodation of the moving averages:

5 month - 1075
20 month - 1010
50 month - 1236
200 month - 1032

Bottom line is if 1075 does not hold 1250 is a pipedream for 2011-2012 and the most likely 2010 scenario will be a stairstep down
1050,
      1030,
             1010,
                    1000,
                           930,
                                Double bottom at the fan line around 700.