The S&P 500 is still trading below its 200 day moving average (DMA). This is an indication that the market is still not comfortable with any of the “solutions” to the European crisis. In addition, the MACD and volume are continuing to decrease, telling us that more and more investors are just waiting around to see what happens next.
It is best to wait to see if the market turns lower at this level or if it can break above the 200 DMA. In addition, watch for an increase in volume to confirm that the market “agrees” with said move.