S&P500 Technical Analysis (10/19/2010)

From 1170 to 1184 is the resistance area, in last 4 days S&P500 tried to break it but bulls failed to do so.
At this point 2 scenarios could come to play:

1) S&P500 could continue to grind higher, if S&P500 break out from resistance area(1170-1184) it would rally to 1220-1200 .Please note S&P500 must stay above 1150 support level.

2) In the case 1150 support level fails to hold we could go as low as 1070, it means S&P500 would drop 100 points.
1070 is critical if S&P500 violates it, game over for bulls.

I went short when S&P500 was near 1182. Base on last couple days actions, I'm betting on more sell-off in coming days. But I'm open to possibility that S&P500 could grind higher to 1200 area. Please note that this rally is base on speculation on second round of Quantitative Easing (QE2), if Fed does not come with the number that Wall Street expects we are going to get sell-off.