2:05 pm : Continued afternoon selling has pushed the S&P 500 back to its flat line. Although it doesn't appear a single catalyst was responsible for the decline, a confluence of factors seems to be at play.

Earlier, the S&P 500 was rejected by its 50-day moving average and shortly thereafter markets received headlines from Germany where Chancellor Angela Merkel said Greece may not receive the full bailout amount as planned. Instead, the funds could be paid out in installments. This followed earlier reports indicating the IMF has given Greece three days to prove it can fulfill its commitment.

Also of note, crude oil has extended its climb and the energy component now sports a gain of 1.6% at $99.56 per barrel. Recent television reports have shown footage from protest in Egypt, but we would like to note this situation has been an ongoing concern and today's developments should not be considered as 'new.'DJ30 -19.51 NASDAQ -4.14 SP500 -0.34 NASDAQ Adv/Vol/Dec 1134/1.07 bln/1317 NYSE Adv/Vol/Dec 1200/338.4 mln/1769

1:25 pm : Once again, we have witnessed the market trade along technical lines.  The S&P 500 challenged resistance at its 50-day simple moving average (1624) earlier in the day only to get beaten back at that level like it was yesterday.  Although the S&P 500 is still sporting a modest gain, it is near its lowest point in the afternoon trade and at its lowest point since around 10:00 a.m. ET.

Rising oil prices have been a headwind today, weighing on the influential transportation sector as crude futures have flirted with $100/bbl.  At the moment, crude futures are up 0.9% at $98.87/bbl, having drawn support from a rising level