SPX 500 — watching the 5200 level

I'm keeping a close eye on the SPX 500 as we approach the 5200 area again. It seems like we're consolidating after that strong push, and a clean break above 5200 with conviction could signal a continuation towards 5250-5280. However, if we fail to hold above 5180 on any dips, I'd consider that a sign that the bulls are losing steam and a retest of 5150 or even 5120 might be on the cards. My thesis for upside is invalidated if we see sustained selling below 5180, particularly on higher volume.