S&P 500 - reached the tagret and is set for a bounce. 2012.05.22

The target on S&P ($1,292) has been reached on Friday, as expected since May 11^th, when a Head&Shoulders pattern has been completed.

The strong bounce of yesterday (+1.60%) proved the investors reversal sentiment from a key support zone. The Greek problem has been put on hold until the mid of June, when new elections are planned. This three week period could turn into a rally on the major international markets, especially if the US economic data, the FED and the EU officials will sustain the growth.

The first important resistance comes at $1,325 but the bounce could easily travel towards the $1,350 area in the up coming weeks.