Update: We're now a solid 100 pts below the key level, so it's DEFINITELY not happening today.
Update: We're now a solid 50 pts below the key level, so I doubt it happens today. Volume came in at the highs. Looks like professional sellers coming in.
Again, the Dow is flirting with 11,258, the most important level to watch in all the indexes. The NDX is just around its target. If the Dow can get above 11,258 convincingly, then the S&P should be able to make new yearly highs above 1220, that's why it's important to watch. At this point, I have no opinion about whether it will happen. I just know that as of this writing, the Dow has not broken that level.