There appears to be a lot of cross currents right now. I hold no equities in my trading account and am only in options and they are mostly credit spreads. Europe dominates, with U.S. and Chinese weakness starting to come to the fore.
I think we move higher this week in anticipation of the Euro summits. I will be in scalping mode only. In two weeks earnings season starts, and I can't imagine that a stronger dollar and a weaker economy brings enthusiasm to hold stocks. So no need to rush into positions, unless one of the CB's around the world announce pumps money. Below are my charts.