The March 2000 bull market high on the SPX was 1553.That was matched for a double top in July 2007 and slightly exceeded by early Oct 2007 which never held above there either. Price sold off to 666 by March 2009. Market rallied back to 1370 by early May 2011 and just cleared that decisively today. With no uptick rule and 70& of trading done by High Frequency traders anything is possible today. Such as the flash crash that saw 1000 SPX point selloff in one day last May 2011. But as long as price on the SPX holds above 1370 the market is safe. That's all I can conclude with today's breakout. A break back below 1370 would suggest a reversal ahead.