We've posted this chart a number of times over the last little while at StockTwits-- it shows the importance of the 200SMA weekly on the SPY. Expect at least a pull-back after the first time we kiss the MA (currently just under 120). A pull-back and consolidation under the weekly 200SMA should be considered healthy as we consolidate in time and price under this very important zone. If we do go through without pause then we believe the chance of a breakout failure would increase exponentially and we would adjust our positions accordingly.
What would be an ideal pull-back scenario? A 50% pullback from the MA and the trend-line which would approximately be 5 points, which would land the SPY at 115, which of course in itself is major support.