The SPX has retraced a bit of the previous two weeks of gains so far this week and I think you can probably see a bit more profit taking into the weekend. We are forming a nice little bullish flag on the 60min chart that should consolidate down into the 96 area on the SPY. This is a significant level of support because it was prior resistance before we broke out above it last week. Prior resistance will always become support and when you see resistance broken out of...then you get a retracement back to that pivot area which is followed by a continuation rally higher.
Crude got pummelled off a very strong dollar and bearish inventory report. Gold and copper are selling off as well. The currencies are what you should watch for your first sign of the stock market going higher. The dollar has had a couple of very strong up days here and is due for a slight pullback so if it does then you can possibly see the SPX get a bump in the morning Thursday.