Bulls pushed SPX this morning towards SMA 50 (1,376) but then moved down. SPX remains bellow the one week downtrend line, SMA 120 is declining and is far away and we still have a bearish EMAs crossing. So the intermediate time frame trend remains bearish. Bulls got more points than I anticipated due to Alcoa results and another successful round of treasure bonds selling. The day is not over yet but they are going probably to close somewhere around 10 points on the upside.
Daily DMI remains in red despite the 10 points advance. It need another 20-30 points on the upside to turn green.
4 pm update
Bulls managed to gain 10 points today but the intermediate time frame trend remains bearish. The action was not very bullish either, 15 points advance in the morning, getting close to SMA 120 and the downtrend line but then moving down and ending the day close to the lowest value. Obviously another 10 points on the upside tomorrow is going to create problems to bears but let's not anticipate. Tomorrow there will be another round of earnings with focus on Google but only after hours. In the following days we'll have WFC and JPM earnings but next week is going to be even more exciting with earnings from C, GS, INTC, IBM, YHOO, TXN, BAC, MS, TRV just to name a few of them.