Not all days are big days but this has the potential to be one. Either way the market will tell us something of significance by the end of the day most likely. It's a big day because the S&P will almost certainly try to attack the highs from this past year. Remember, the Russell 2000 is already over them but no other major index has joined it yet. The S&P 500 is the big daddy and if it joins and does push over and hold a breakout on the intermediate term time frame, that will speak loudly about the ABCD up that is already in place and looking for a way to work towards completion. If it doesn't, then there is more work to do and we have the possibility of a deeper retrace back down in the meantime.

The dollar is weaker again after getting hit hard yesterday and bonds are still struggling so there's the background for a push again today. Earnings are starting to hit though and so far the financials are selling down pre-opening on the WFC earnings and the AXP layoff announcement. This market is heavily dependent on the financials so they have to be watched carefully.

Other sectors that are key are the transports which are going after a swing point high on the intermediate term today and the semiconductor space which has seen a flock of buyers of late.

The downside is the Apple drag that continues unabated and given its weighting it is a big factor. Microsoft also is trying to break to the downside.

So it will not be an easy job to break to and hold new highs on the S&P 500 but then, it never is is it?