The SP500 has been moving sideways for several weeks, is the pattern re distribution that will be followed by a deathly plunge down to 1000, or is it accumulation and a strong new rally will emerge.
As of today (before Euro Tarp) it still very very bearish, there has been NO signs of strength. No serious buying is occurring. Any punch up in price is just short covering (or automatic rally) to bank profits.
Don't you get the feeling that the big boys expect lower prices in Oct 2011, and are not really interested until SPY 100 or SP500 1000 is printed.