The difficulty of $SPX breaking out of this historical resistance above (1,472-1,475) poses a significant threat to our projections for higher highs at the moment.

There is a clear need for the aforementioned breakout in $SPX (SPY has already broken out above its historical resistance line).

Perhaps with the big banks' reports coming out over the next 2 days, we will be able to fuel our advancement.

However, if the banks disappoint, there is considerable risk that we may fail this rally.