S&P 500 Index looks poised to head towards 1150.

The major downtrend line seems to have been breached (finally!), despite the disappointing job loss numbers on Jan 8th.

Now we can look forward to the possible inverted head & shoulders target of 1225 points.

But before that, I surmise that the index faces a moderately tough resistance at 1150 points, established by the turning points in the market in 2001-2002 and the support-turned-resistance in 2005.