Bulls show no sign that they want to take a break here and it's not surprising keeping in mind that Feds are on their side. Again! As usual on days like these I am hearing bears talking about market plunging bellow 2009 lows! I have no idea why people are inclined to make such bold prediction. What's the purpose? The same goes for perma-bulls who are dreaming about SPX at 1,500. The best thing one can do is to think about next step, either up or down not something with such a low probability such as SPX bellow 667 or above 1,500 in the near future.
Anyway, we still have a bullish EMAs crossing on 60 minutes charts and I don't intend to sell unless I am seeing a bearish crossing. Luckily, EMAs did not cross last week. That was one of those situations when I could get "whip-saw" a little bit, a "sell" signal followed by a "buy" signal next day but as I said I was lucky it didn't happen.
On daily chart I am seeing a little bit of resistance around 1172. DMI is still positive but is losing some ground. As expected both SMA50 and SMA200 is rising and we should expect them to cross each other (the so called "golden cross"). It has already happened on DOW but I don't put too much faith on this index since it contains only 30 companies (granted the best ones) but they keep changing these companies so in my opinion this index is artificially kept at a higher level than it should be. Nasdaq contains too many tech companies so I think S&P500 is the most representative index.
Weekly chart doesn't bring too much information. DMI is very close to turn positive but is not there yet.
Keep an eye on EMAs crossing on 60 minutes chart and also on 5 days SMA that is now around 1150. Don't try to anticipate the market, better act as soon as it changes direction. You are getting to miss the bottom or the top but you will always be on the right side.
All the best!