The trend is up, and as long as the SP500 remains within the green channel, there is no need to change our year-end targets:

While the SP500 has been in an uptrend since May '12, this wasn't the case for some European (Spain, Italy) and Asian (China, Japan) markets. The change in trend for Spain and Italy started in July, following Draghi's comments. China and Japan have started showing signs of upside reversal just recently, and have at least another 10% upside potential before running into resistance. All these positive developments should provide a favorable backdrop for the US indices.

Weekly Hurst Channel targets are 1500 and 1525, while the pivot line is at 1413.