SPX weekly looks as to form the wave 5 of the bullish trend initiated from March 2009. We can see the selling pressure when the price hit the bearish trend line initiated from October 2007. This bearish trend line (light blue) is the major resistance to the bullish trend and wave 5 above said.
SPX daily shows signs of weakness after it's price met the major resistance line: 4 consecutive days in red, RSI and Stochastic they made tops and downward crossed over the signal lines in the overbought territory. That says might be more weaknesses or at least a consolidation ahead.
Trading setup for 2/1/2012
Watching the solidity of 1301 to favor the bulls and the weakness of the major resistance line to confirm the longterm bullish trend.
Cautious bulls may like to day trade the long side as long as the 1301 holds and the major resistance line is still in effect.
Aggressive Bears may like to short at weakness when the price could not break out the major trend line.