No surprise today, stocks ended up the day pretty flat but I think tomorrow is going to be a different day, way more volatile than today. Alcoa is 3.5% up after hour which will probably set the tone for tomorrow. Bulls need to push SPX above the downtrend line. If they can do it next stop is going to be 1100 and by that time daily DMI may turn positive giving bulls even more strength.
Long term, the sideways consolidation continues. This is the calm before the storm since periods of sideways consolidation are followed by violent moves up or down. I can say that market is trading in range one more time (1,045-1,105)
the other too scenarios, a drop to1045 then sideways consolidation or a brake bellow the support zone around 1045-1050 are also possible but maybe not right now.
For short term traders I do recommend trading on 5-15 minutes charts , looking again for the cross between EMA50 and EMA100 as the buy/sell signal and keeping an eye on DMI, especially on 60 minutes chart.
Some stocks look really good right now, C and BP are two of them, daily DMI has turned positive for the first time since the beginning of the crisis. I may be biased here since I am a bit long on both of them but look at the charts and judge for yourself. C may go up or down with the market but BP most likely is going to go up regardless the market direction, at least for a while.