It was a rather puzzling day today. After the bulls where given a golden opportunity this morning with the inaction in Syria, the market only moved up 6 points to 1639. The bulls did charge out of the gate this morning pushing the S&P 500 beyond 1650 for a time. But gradually the excitement waned and the index began to fall reaching a low of 1633 at one point. However the bulls managed to pull it together a little in the end to finish up near 1640.
This for all the world looked like a classic sell pop kind of day until the very end. I would be extremely bearish if the market would have closed at 1635 or lower. But with the late day move, the market is seemingly in a holding pattern. We get the jobs number at the end of the week and that will more than likely be the impetus to move once again. At this point the technicals pretty much call this a coin flip. Anything in the next session or two may give a little bump one way or the other. 1630 and 1640 are still the levels to watch.