The 1347 SPX target was hit exactly on Thursday, July 21st. The time target was met on Friday, and suggested some type of decline next.
The news in the media is currently dominated by negative reports of potential US default, and breakdown in debt ceiling/budget negotiations.
However, when the Financials index Rifin is plotted versus SPX (as shown below), Financials were clearly leading up last week. GS, for example, was a very strong performer despite weaker earnings.
It is necessary to upgrade to a significantly more bullish stance given the above facts. Additional updates will be forthcoming with price and time targets. For now I will say that a move to 1360+ appears likely next.