S&P 500 Approaching Major Resistance

We should begin to see a slight fade in the market as the debates over spending cuts and the debt ceiling approach. A successful resolution could take the market higher until later this year when it will hit strong resistance from the '00 and '07 trendline. Inversely, a failure of those discussions could force the market down prematurely. In either case we are looking at an upcoming Bear market, as we will not have the strength to break the upper trendline later this year.