Monday afternoon

SP-500 Daily Chart (11:11)

The index is testing the long term support line that it broke to the downside last month.  A close above it will likely encourage money from the sidelines (or to move from bonds to stocks.)  It might even make some of those Beanie Baby collectors dump that crap and get into equities.

Traders are adjusting to the coming taper and the most often mentioned timing of September does not appear to be so scary.  Of more immediate concern will be earnings.  Don't count on AA to be good as they are a serial disappointer but JPM reports Friday before market and their outlook should be interesting.