SocGen: S&P500 Technical Analysis

Surprisingly, but the technical analysis I find at Societe Generale are very much in-line with my scenario currently. However, if the advance extends beyond Thursday, March 26th or 805 level, I should be scrambling... and, probably, giving up?
Fundamentally, 900 would be a fair value at normal earnings and PE, but none of them are justified at moment, in my view. So, I could not buy close to "expensive market" for current conditions. Well, I am very small and long now, but with defensive tilt, and may hedge at any time ...

Click on chart to enlarge, courtesy of Societe Generale.

Be very careful!