The short-term trend is weakening, but until the SPX can break-thru that green channel line, and start making lower-lows it is likely to grind its way higher in these corrective waves that are trading sideways with a slight bullish bias. 1171.70 still remains as the first level of support for making a lower low.
Breadth for the day was only 1.10:1, advancers, on low volume, less then 1B shares traded on the NYSE. The market is very ripe for a serious sell-off with a large gap down open, the question is more when , and not if. Trailing stops for the longs are a necessity when the longer-term conditions are as top heavy as they are now, as the last two weeks of gains could easily be wiped out with a 20 point gap down open, that continues selling off as the day progresses. I did post a couple of interesting charts in this morning updates that are worth checking out that are geared for the longer-term traders.