15' chart: Following the down break of rising wedge on Nov 4 2011, It seems to me that an Ascending Broadening Wedge is in forming. If we expect this bearish pattern in short term, we should pay our close attention to the RL (Resistance Line) of the ABW (Ascending broadening wedge) and the resistance level 127.25.
Bearish scenario: If SPY retraces after touching the RL of the ABW (we join the bears at this point as an active trader), then we'll cover if we see a bounce at the SL (support line) of the ABW. We'll hold the shorts if SL is broken down.
Bullish scenario: If SPY breaks out the RL of the ABW (we join the bull camp!) and manages to breakout 127.25 (we close longs if 127.25 is a solid resistance / but we'll keep longs if SPY close above 127.25). If 127.25 become a support at Nov 8 close, we may dream 129.42 as the target of Nov 9.