The S&P 500's 22.86 point gain today put the index above the 1,230 key resistance level that it had been struggling to break above for the past few weeks. As shown below, the index now has quite a bit of room to run before it bumps into any significant upside resistance, which no doubt allows market bulls to breathe a sigh of relief.
See also:
This morning's "Fibonacci Analysis for the S&P 500" or "2011 is Diverging from the 1998 Template".
