SPY Looking to Close Above Key Resistance

Right now, with less than an hour left in the trading day, SPY is poised to close above a key resistance level for the first time in what has been a range confined market over the past month. Though there is incredibly low trading volume, you can't underestimate the significance. Unless SPY can sell off at the end of the trading day and close below $111.42, SPY will be looking very strong, at least to close out 2009. On the same token, on a one day perspective, if SPY closes around where it gapped up today ($111.87), that would not be that strong of an indicator as it would suggest that it did not have the ability to move beyond its morning strength. Lets see what happens...