Bumping old resistance

The market bumped into old resistance yesterday and again in the globex session and has failed to breakthrough as of yet, The resistance area is between 1120-1125. We will have to see if the bulls can mount a charge to break through these levels on a closing basis. The cash S&P did close above its 200 day moving average which was bullish as many traders follow this indicator closely. The NYSE TICK indicator was quiet yesterday and our total for the "COOK CCT" daily indicator is at +215 which is overbought in the short term. We will have to see if the bulls can generate any significant buy programs at these levels or if the bears will take hold.