Need to Break 1120

This market released a lot of its selling pressure by selling off on Friday.  Yes, just 1 day.  But that was enough to panic a few weak hands and get the increase in put/call ratios necessary for a short term bottom.  Days like today come after the weak longs are flushed out.  Now comes the process of breaking down the wall of worry and rebuilding complacency among the longs.  The only scenario where I see a good risk reward short opportunity is on a break above 1120 which gets everyone bullish.  The nonfarm payrolls report could be the catalyst for that final blow off top.  In that case, I would like to see heavy volume and low put call ratios.  In the meantime, I wait.