Quote from S2007S:
Traders are waiting patiently for a break above 1220 on the SPX, I guess a break above that sends it to 1250 but of course it will only take a week or so to see the SPX back below 1200 after that happens, many, many gaps need to be filled. Aside from that this market is stuck in a trading range and isnt getting out of it anytime soon, there is no catalyst to take the SPX beyond 1270+, well maybe there is, its called BUBBLE ben bernankes propping or QE3!!!!