With that said the price action on the chart of the SPX still looks bullish and this sideways consolidation may prove to be a coiled spring which is setting us up for the next leg higher. Of course we need to see this confirmed with a close above 950 first. At the same time this is not the kind of market you want to short so the prudent thing to do is get flat and wait for Mr. Market to show you some direction.
With this week being expiration week I think we could get that move we have been waiting for. If we can get a close over 950 then I think we see 989 quickly as a first target. My bias will be cautiously bullish unless we see a dip under the 20 day ema down around 925.
Triangles>>> MVSN, GE
Flags>>> GAP, GERN, HRB, TAP
Breakouts>>> ANR, DV, CERN, CVC, JEF, K, FWLT