On broad rally days like this, it's interesting to note not who does, but who does not participate. Greece, Portugal, and Spain did not. And as much as the forex market rallied, the USD did not make a new low. Nor has the S&P taken out its April high which is all of 2 points away.
A lot can happen in the last hour, and certainly tomorrow too, but I would have thought we'd see more at least from the S&P today. Failure to scale the April highs of 1219.80 would set up a bearish non-confirmation between the indexes, noting that the Dow and the Nasdaq have scaled their respective highs.
I must admit, the chances are very small. But it's what I'm seeing right now.
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