That did not take long... we are already seeing a 1188 print on the S&P 500 as of 10:22 AM. This is now a 10% move from late Tuesday afternoon (3 PMish) when the S&P hit 1080, and that news report hit on FT.com about a plan for a plan for recapitalizing the European banks.
Certainly the mood has taken a 180 degree turn, but chasing 10% up (in 4 sessions) does not appear to be an awesome risk/reward scenario. From here, if the index breaks above and closes over say 1190 you have a new range (part of the old range in fact) to look at which is essentially 1188 to 1225.
As stated for the past few months, one would like to see a break back over the 200 day moving average to get a lot more constructive. We are talking 1240 minimum.
I am not sure how many more days we can rally on essentially the same news - it's been 4 of of the past 5. We get it - the private debts of Europe will be transferred and backstopped by the public ala USA. The Paulson / Geithner ethos has won - party on Beavis.