The market pulled sharply down out of that resistance band and now is in a straddle area - waiting to head back up or down to support. The catalyst that will set the tone in the coming weeks? That will be Bernanke's testimony today - he had recently raised the Discount Rate and some read into that as the Fed had or is changing monetary policy. The Fed quickly came out to calm the investment community indicating that was NOT the case and the raise in the Discount was only to reduce the "emergency" financing.  While Bernanke's testimony will determine over-all market sentiment over the next few weeks, it will be the CEO Toyoda's (grandson of the founder of Toyota) testimony today that will also receive a critical eye. It is highly unusual for a CEO of a foreign company to testify before Congress. Some have said (those in the conspiracy corner) that there is pressure from GM and Unions to force the issue on Toyota, who knows if that is true - but as CNBC pointed out Michigan's representative was extremely tough and critical on Toyota's head of US Sales (Lentz), but I chalk that up to politics - he needs to keep his supporter happy - so go figure Michigan will be tougher than others. It will be interesting. Lastly - the Treasury Sect. Geithner will also be testifying on behalf of the President's budget. So three big hearings - certainly Bernanke's will steal the spotlight among investors, and the media will be all over Toyoda's testimony, and Geithner's will probably get lost in the shuffle  (but no less important.)