Markets can work off near term overbought conditions - which this market had after a 5%ish move in just a week - either by (a) time or (b) price. Price is obvious (falling back down to consolidate a big move), whereas with time you simply chop over a period of days/weeks while moving sideways. This is what we've had the past 2 days. It is more impressive considering how the market has shrugged off all negative news. Hence the action still favors the bulls at this moment, and if this continues without faltering via a close below the 'line in the sand' (I won't repeat the level for fear of breaking another record), an assault on S&P 1120 should be coming sooner rather than later.