S&P 500 ~ Pre-Market Warm-Up ~ 1 February 2011

The ES is trading around the 1290 level right now which equals SPX 1293. So we're less than 1 % below the yearly highs.

It'll be very interesting to see what happens after the open. Gap and crap or gap and rally?

If we rally there should be some resistance at the recent highs at 1300 and then 1313, if we sell off a gap close is very likely and the April fractal may indeed be underway.