the August drop was a repricing of the market multiples to adjust for what then was believed to be recession level earnings.
as the likelihood of a second recession receded, the multiples began to re-expand.
we now are approaching the same S&P prices just before the drop.

the next targets higher are 1287 and 1306, but the upward trade pressures are slowing and extended.

a move down thru 1242 would signal some retracement to 1197.