It's just 11.15 am, way too early to anticipate how market is going to close but an important technical level was touched this morning and I thought I need to warn you. I am talking about 5 days SMA! SPX had a huge jump today due to GM IPO and a possible bailout for Ireland. We need to be carefully here and watch to see if SPX is going to able or not to climb above 5 days SMA. My guess is that this a big bull trap but we should never underestimate "the enemy", our beloved bulls in this case. If SPX close bellow 5 days SMA (around 1198) I think this is a perfect opportunity for reluctant bears to short the market.
2:30 pm update. It looks like bulls are failing to push SPX above 5 days SMA. Volume on SPY is low. If ends like this you should go short if you already didn't do it.