Markets are playing dead

I don't know what to make of these markets right now. $110.40 on the SPY is holding up very well as resistance. If we can manage to break that on the 60-min. chart, I would look for a move to at least $111.30

But if we don't get a clean break and close above $110.40 on the 60-min. look to $109.80, $109.80 will have to hold if there is going to be any bounce coming.

I still favor the upside but wouldn't bet a lot on it.