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S&P stuck in the middle

|Includes: SPDR S&P 500 Trust ETF (SPY)

 The S&P (NYSEARCA:SPY) failed to regain the trendline from its 2009 bottom last week, and has since fallen back to its 50 day moving average, where it has repeatedly bounced along a falling trendline that was resistance during the early stages of this decline.

 

I'm not sure what to do with that observation, but I thought it interesting.  A break to the downside would certainly be bearish, but I'm not sure what level I'd be targeting for a bullish break-out (maybe 1360?).  1360 is  so far away, it's probably a better risk-reward proposition to go long here with a tight stop, and sell there assuming resistance.