SPY Read for the Day - January 26, 2011

Feel like a broken record with the read of the day as of late, not much is changing, We have the FOMC today. No rate change is expected, so the market will again be focused on the statement and probably pretty boring till its released. We are seeing some weakness here in pre mkt with the futures slipping a little, after popping new 52 week highs. A lot of sectors and ETF have already corrected by falling 5% give or take. I think sideways chop at best till the levee' breaks one way or the other. Now is not the time to be complacent. As far as support under us, we have the 38% fibber @ 128.15, and a rising trendline meeting up at the 50% fib @ 127.68. Still have gaps down at 125.75 and 124.60 to fill. Very uncomfortable up here long, most of my portfolio is short. Hit and run trading here till we get a clear trend. Sure as hell feels like a topping pattern up here, which as previously stated is a process not an event, and new 52 week highs are expected. SPX 1338 is next MAJOR resistance in the market. As of right now, I cant see 1338, but anything can happen. Limit size and amount of positions still is the theme.