Next Stop for S&P 500?

On my chart below I show a possible trip to 1600 for SPX. It is debatable by how much the Fed will taper at the September meeting. Based on weaker-than-expected jobs report today (especially the revisions), it may not taper at all. But I am not in a camp of no Septaper, and expect a small gesture from our central planners. Who is going to jump out of the window if the Fed cuts its monthly bond-buying by $10B? I say we should worry about the consumer here, and not the Fed.

click on chart to enlarge