We did whipsaw up to 1105 today, which proved to be a formidable intra-day resistance. I believe the market is driving up to a fork in the road, and its gonna resolve one way or the other.
Bullish road
A decisive break above the trendline resistance currently around 1107, will catapult SPX to 1126 target (the target of a mini inverse H&S in the making), after which it may turn down for a while.
Bearish road
A hard fall to 1080 if we break below the rising trendline.
Watch the trendlines for clues. Seems like the momentum is with the bulls for now. Either way there's no escaping a decision within the next session or two!
All the best folks!
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