02.06.2012 -- Dump or break out?

We are sitting at a lot of resistance here and there's really only 2 choices for the market. We either dump or get a big breakout (that I think will ultimately be a false one).. and that will happen very soon. Like tomorrow. There's just no time left.

I supposed we could go nowhere all week.. stay in a 3-4 point S&P range the entire week.. that's what would have to happen to last to the end of the week, but I just don't see that happening.

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Key Levels

Upside -- Right here, a few points higher around 1350

Downside -- 1327, 1320, 1310, 1288, 1268, 1257, 1238

support spread back out so that its very lopsided,.. a sign of a possible imminent reversal

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SPX Daily;

You can see how we are butting right up at resistance here. We've tested it twice now since Friday. There just isn't time left here.

Not much else to say here.. something is happening soon.

GL

CJ