Some weakness so far today on the mixed JNJ earnings report. But it’s doubtful that the bulls are all that worried as the selling is minor (so far at least) and there isn’t a killer amount of volume rattling the markets. If the market is going to pullback in the near-term, it is likely to be through dismal earnings reports. While the economic numbers that are coming in are pretty bad (just watch the unemployment charts) they just aren’t doing the job, therefore earnings season seems to be the best catalyst out there right now that can bring this market back down to reality.
The S&P continues to struggle breaking through that previous high that was established and a failure to do so would create a nice double-top in the charts. Remember today we have Intel (INTC) reporting after the bell, which will dictate the action in the market tomorrow.