SPY chart big picture: we're close to a drop

From studying the trendlines, I don't see any upside resistance until 120. Support is at 110. So I tried approaching the problem by applying Fibonacci.

The 50% retracement level from the Oct 2007 high to the March 2009 low is 112.4. The 61.8% retracement level is ~123. So if we don't turn to the downside soon, then I'm sure we'll be seeing 120.

We're grinding up the drawn trendline, it looks laborious (as opposed to impulsive) and volume has died. We're ready for a pullback.