Intraday update

Nothing too exciting happening at the moment.  The thick blue line is the previous high from June that is now acting as support (equates to roughly 1130 on the SPX).  As you can see, we've been meandering back and forth between this support, and yesterday's lows as resistance.  Should see some sort of directional movement come the last hour....I'm not trading today, so won't even try to guess at this point, but if we do sell off and close significantly below the blue line on heavy volume, a short play later in the week would be looking better and better.  Then again, the primary dealers are sitting on $2 billion from today's POMO, so a last hour ramp remains a distinct possibility.  We should see soon enough....