The S&P is testing the 50 month moving average again. It failed at that level in April. The 50MMA is currently at 1204.25 according to freestockcharts.com (see below). Also look at the long term ascending triangle. SPX is currently in a multi-year cHoPpy ascent towards the 2000/2007 peak. It made a high of 1,195 today (pre-QE2 and elections) and quickly reversed to $1,179 just now. It probably makes sense to insure longs here, the chart looks overextended (imo)! But a crazy QE injection could destroy that idea.