At the moment the SP500 is consolidating gains between the low of the previous high week and the low of the previous high day - 1324.61 to 1338.12. Both occurred in February. As long as it continues to close above 1320 we should expect the consolidation to continue within that zone. This will setup the next advance which will likely begin sometime between tomorrow and April 22.
Given the impulsive nature of the recent rally the expectation would be for a new high to be seen. Many will be calling for an end to the rally when that occurs, but the current consolidation is most likely a second wave which means a third wave is to follow.
Please refer to my post from April 2 for targets - http://tradercraig.blogspot.com/2011/04/big-picture.html.
The next resistance level is 1370.