BofA Research: A continued summer rally means that the SPX moves above the island top gap at 3123-3182 to place the focus on the recent high of 3233, the late February downside price gap at 3260-3328 and the late February peak at 3394. Should all of those concerned bears have it right and the key support at 3000-2930 decisively breaks, we would watch 2835 (38.2% of the rally from late March), 2797-2766 (May lows), 2712 (50% retracement) and 2640-2589 (early April breakout point and 61.8% retracement).