Without the benefit of any further QE from the Fed, buyers will likely be reluctant to commit new money into this market, which is up 204.57% since the closing-low on March 3, 2009, as shown on the percentage-gained graph below. So, while the SPX continues to consolidate, we'll see the 50 and 200 MAs eventually merge until price, finally, breaks up or down. Once a bearish moving average Death Cross forms, we should see a significant drop in price. Until then, expect more of the same...and, my 2015 outlook for equities may very well come into fruition...at the moment, the SPX is up 3.01% year-to-date, as shown on the last percentage-gained graph...I had forecast an overall price increase of 4% for this year (it reached 3.49% on May 21st...the target high to be surpassed and held if bulls are to remain in control).
So, in a nutshell, I'd keep an eye on the 50 and 200 MAs and their spread (widening or decreasing), and the 4% target-price increase to gauge either weakness or strength for the SPX for the remainder of this year.