I think when you have it intraday, you would more call it resistance, and if it was to give be looking for a kawoosh.
A little drop in the futures, and now we wait 15 seconds to see what the SPX cash did. Down a little, and futs drop more. Bounce back up and over the cash. Fall back. IBM new LOD. TRIN holding steady in 1.50's. TICK negative. Poor YHOO. GE new LOD. INTC chimes in with a new LOD.