S&P 500 Bull Flag...but...Looking Exhausted

Classic Bull Flag on the S&P 500, but with momentum all but ground to a halt, the price is currently looking exhausted or in consolidation. I have a hunch that trader sentiment is overall bullish, and that it may move to test 1000/1010 in the next hour of trading. If there is a strong rejection of this hypothetical attempt, 990 seems to be key to the downside short-term, and 970/972 seems to be providing a base since the break to the upside on July 23, 2009.


Still holding EUR/USD Long, and it has barely moved in the time when I went to sleep last night after the German unemployment figures and woke up late this morning. The relief rally seems weak at best, but I'll have to see what Asia and early London have to say. It seems that a solid break of 1.4100 is key to the upside, and failing that, a downward correction may finally crack the 1.400. Playing this one closely now because the US GDP number is out tomorrow, combined with the end of the week and end of month usual craziness, it may not prove wise to be holding risk.