With every passing minute the possibility of credit default is falling squarely on the shoulders of House majority leader John Boehner.
It's pretty clear at this point that the Senate will come to an agreement on an acceptable plan that will open the government and avert default. Once the bill moves to the House, Boehner has the biggest decision of his political career to make: will he destroy his political career and bypass the Hastert Rule discussed here or will he sink the US ship and threaten US creditworthiness. He has consistently stated that a US debt default is not an option. My bet is he will do the former.
Meanwhile, a spate of earnings reports are coming in decidedly positive. The S&P is bumping up against resistance and a case could be made that the daily chart is forming a right shoulder of a head and shoulders formation which is a bearish formation: