A few posts you must read this AM to keep things in perspective.
Foreigners Dump Record Amount Of US Treasurys In Past Month | ZeroHedge, The global Ponzi is dead and the only thing supporting everything right now is printing or monetization of debt. In other words, the worst case scenario.
European Banks Close 2011 With Near Record Cash On Deposit At ECB, €9 Billion Overnight Increase | ZeroHedge. And they don't have their money in the domestic banks because? Beuller? Anyone?
$135 Billion Redeemed From US Equity Mutual Funds In 2011, 34 Of 35 Consecutive Weekly Outflows | ZeroHedge. And everyone is pulling their funds out of the markets because? (Gee I don't know with consumer sentiment rallying one would think money would be flowing into the markets not out)
Daily SPX - Just follow the support resistance line back to the beginning of the year. Pretty simple.