The bears are going to be fucked if they can not stand their ground here. If the 14SMA is broken upward, next stop is around 1200.
EU bank/sovereign debt story. The move is on the whims of the shadow money boys attacking the EU financial structural cracks. If they hold back this week, we make 1200. If they do not, we go down.
There are few indicators that work here because a lot of them are shot to hell as everyone is already expecting the worst. Although the fact that everyone is expecting the worst is an indicator itself to do the opposite. If these shadow boys are that good, they will allow the market to rally because the fucking the bears is where they can make the most money right now.
(I sound like a conspiracy guy right now, and I hate it, but I gotta call it like I see it.)