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The S&P 500 appears to be setting up either a BULL FLAG formation or a PENNANT with a Bullish bias. The 200 day moving average has provided support, while the 50 dma support. 1229 near term support/resistance... but lets see where the $VIX Volatility Index goes from here. The markets have shown some stability today as Greece appoints a new PM and Italy tackles austerity reform. Not saying all is clear...BUT if we get a break out over 1275 area...then we're off to the races 1300+.
The only worry is the price of oil, or WTI which is now at $100 a barrel. Is it signaling bullish growth, or will it harm the market? With just over 6 weeks remaining in 2011, look for a chase for end-of-year performance.