We are back in the Aug-Oct 2015 uptrend channel. P&F charts suggest a 250-280 point correvtion from 1040 minimum, so 1290-1320 should be the target before we see a major downside move again. CHECK for COT net short % of the commercials compared to overall open interests. an increase to 410000 with a higher net short positioning increases the correction probability. With i.o.'s above 450000 and net short of commercials :SELL