My best guess is no because of weakness in tech, oil, and financial sectors. The 38.2% & 50% Fib retracement levels on the S&P from the August 2010 lows to the recent highs are approximately 1233 & 1190.
There is an uptrend line from the 2009 low that was tested in 2010 that currently extends to appx 1250.
It would seem that traders and their computers could flick the S&P down to 1250 or 1233 without too much effort.
Concensus earnings estimates for the S&P are $96/sh in 2011 and $103/sh in 2012, which should serve to buffer the downside and suggests further upside once the current pullback has run its course.