SPY, Support turned resistance?

Will this broken support turn resistance? Or will we test the highs again?  Let me know your thoughts.

SPY Options Straddle

I've been dabbling in options for a month or so now, most being paper trades.  Here is one i am thinking about currently. 

Strategy 1;
 Buy 1 April 12 138 Call for $1.25 and Buy 1 April 12th 138 Put for $.71. Max loss $196. Upper BE $140, Lower BE $136.


Strategy 2;
Buy 1 May 12th 138 Call for $3.30 and Buy 1 May 12 138 Put for $2.71.  Max loss $601.  Upside breakeven is $144 and downside breakeven $132

S&P 500 ($SPX)

S&P 500 broke out of the Feb 2011 high of $1345 today.  We saw a nice bounce off the 50 EMA the past 2 weeks, and should continue it's bull run.  My target is the May 2008 level of $1400.

via StockCharts.com
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