The S&P 500 has had alternating days of ups and downs for nine straight sessions now. That is quite a bit of churning but also the sort of consolidation that tends to set things up for a significant move. When the consolidation occurs within an uptrend that typically favors an upside resolution, although the bears seem to be growing more confident that the "Day of Reckoning" is fast approaching.
Keep in mind that the FOMC interest rate decision is Wednesday afternoon. That is always a convenient catalyst for a move. Generally, the market loves to love the Fed no matter what it does but one of these days the love affair with the central bankers is going to cool off and the bears will have their wishes granted.
Breadth is running better than two to one positive and the new 12-month highs are hitting near the 400 level again in lackadaisical action. Netflix (NFLX) , Texas Instruments (TXN) and IBM (IBM) are some of the big-cap leaders.
I'm dinking around with a few smaller traders but it's difficult to be aggressive with size. BioTelemetry (BEAT) , an old favorite, is acting well, as are Acacia Communications (ACIA) and Yirendai (YRD) , which were more recent "stocks of the week."
There are still speculative names such as Ocean Power Technologies (OPTT) Sophiris Bio (SPHS) and Exact Sciences (EXAS) that are being actively traded but it largely has the feel of late-stage action.