The S&P500 level we're all watching

SPX thoughts

We've now got a little lull before the BoE. Cable is bouncing off the intraday level and playing out nicely, so let's briefly turn our focus elsewhere.

I know I'm not the only one loving the fact that the SPX is pushing that all time high, resistance level.:

Discussion points:

• No surprises from the Fed, although slightly more hawkish than previous.
• T-notes hit 3% yields as it was indicated borrowing costs are headed higher.
• When does the music stop on the rally?

I'm waiting to confirm if that daily resistance zone does in fact hold. If we make a lower low, the drop is then really opened up.

EVERYONE is watching this level and will be looking to short. Make of that what you will.