Right now - especially when you take into account the 60min cycle, SP'1380 would be acceptable as the lowest level, before the general bull trend/outlook gets into trouble.
Clearly, IWM is right on the edge. Also, the momentum cycle is starting to get kinda close to the 0 line - along with the sto' <80. Pretty weak.
As noted yesterday, bulls MUST see IWM break above the 86 level within a few weeks, in order to confirm that sp'1550 will be attained in the next few months.
A break below 81 - whether Thursday - or next Monday would be a real threat to the bull case, and a move under 80.00...would arguably be the first real warning to the bulls that the rally since last October is coming to an end.