This is a big picture SPX chart. On a monthly timescale we can easily observe the effect of QE2 and WE3 on the index. Now the question should be what will happen with the the end of QE3 in October? Will ECB really take the relay of FED with ABS? Will EU money flow on US market as US money flow in the European Stock Exchanges? That is the quesion. But for sure we are in a correction process.