S&P 500 Pressing Against Support

The S&P 500 Depository Receipts (AMEX: SPY) have managed to hold above 125.00-124.25 during every dip during the past two weeks. However, as we speak, the SPY is pressing against the top of that support range, which must contain any forthcoming weakness to avert serious pattern deterioration thereafter. A break of 124.25 should trigger a press towards the July low support and low area.