The S&P 500 (SPX) is reluctant to take out SPX 1700 to the upside all the while the market does quick probes to the downside. The 4 hour chart is in neutral with respect to TD Sequential. There could be a breakout above 1700 but my belief it will be a selling opportunity for the long holders. A bearish flip will occur today if the SPX can push under 1690.80 today. The weekly charts. Aside from the Nasdaq Composite (COMPQ), the majority indices: SPX, Dow Industrials (DJI), and the Russell 2000 (RUT) are just starting to sport bearish patterns. The PowerShares (QQQ) is similar to the COMPQ on the weekly. There is a decent chance that the Nasdaq gets dragged along to the downside.
Positioned neutral but if the neutral gridlock breaks with a close below SPX 1690.80, I will have to flip back to the bearish side. However a better risk/reward short trade would be beneficial is SPX saw something around SPX 1705.