I do however see the S&P range-bound since the 2009 low, and we're getting to the end of that range so something has to give.
Here's how I see it: If you draw a straight line starting from the 2009 666 low, through the July 2010 and late-August 2010 low, up to our June 2011 low (that's the bottom range); then one from the high of April 2010, through Feb 2011 and onto Apr 2011 (that's the top range), you see a nice, contracting channel.
This suggests to me that (1) we have a ways up to go yet - maybe 1400 or so on the S&P, and then (2) we have a long way to come down afterwards.
But one step at a time: I'm playing for a little more upside first. And now that NFP is out of the way, things may calm down again.
Now, if Moody's rating on Italy can just keep quiet for a few more days...