After today's pointless Federal Reserve Crap (polite term), you can see the two run ups to the trendlines (two little strikes against the ascending blue trendline) from both 7/30/09 and today. I say trendlines because both first order and second order trendlines are in play. A lot of resistance there...
Also the $SPX is still under the influence of a .5000 node, and failed to make a higher high today, and facing trendline resistance. Don't forget too, that both indexes are at Fibonacci retracement levels, and pressing against their upper weekly Bollinger Bands. As I said, a lot of resistance...
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