One more leg up - maybe

As we stated yesterday in our afternoon posting, we expected to have a gap up followed by a sell off that would reach 1,537.34. 

Today's price action confirmed our prediction and reached as low as 1,538.57 on $SPX. 

Our model predicts one more leg up to 1,620's on the $SPX (see weekend graph).

A close below 1,537 invalidates our prediction and suggests that the market has rolled-over to the down-side.