SPX up or down next? Still in limbo

The SPX remains in a rectangle formation. There is also a coil within the rectangle. Current hourly and daily momentum is down, so bias is down until this is broken. But the 60 min chart does suggest a bounce up. I'll just continue to wait until the rectangle resolves up or down. Right now, bias is downward, but we are still in a range. Looking to see if the next few days makes a lower high (I think it will).

Also, the charts suggest that SPX could chop around within the rectangle until January 2, 2010. A break up or down of the coil or rectangle is likely to produce a backtest in the opposite direction.

Below are 2 charts, daily and 60 minute. I've used SPY instead of SPX for the charts.

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