Sideway Market in May

Just a quick and short follow up after my "S&P 500 Chart" post on May 24, 2009. I was somewhat bearish, yet we had strong up move yesterday based on the economic data (see "Economic Calendar" I have mentioned about sensitive levels at the May 13, 15 and 21 lows (see lower blue line in my previous post) and we had bounce up. Today we had a decline again and, now the S&P 500 bounced down from the top sensitive level (see top blue line in my previous post). The indexes has become a little bit more volatile over the past few sessions which mean more close attention should be given to the intraday charts or more conservative approach could be taken to stay in cash until a trend is defined more clearly. The market has been flat since beginning of May 2009 (see 1.5-year chart view) and there is a serious danger of having strong correction (see higher timeframe charts).