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The markets appeared to be just treading water today as they anticipate the meeting tomorrow with Mario Draghi and the ECB.

SPX closed up $10 at $1989 and RUT increased $5 to $1073. Volatility relaxed a little with the VIX falling about a third of a point to 18.3%. Trading volume continued to decline with 2.3 billion shares of the S&P 500 trading today. Trading volume declined 12% on the NYSE and also dropped 9% on NASDAQ.

No significant economic news came out today. Will Draghi's actions tomorrow push our markets higher? Or will it serve as a reminder that the central banks are running out of bullets? It is hard to predict the direction, but it will likely move our markets.

SPX has run up against resistance at $2000. That level and the 200 dma at $2020 are the levels that need to be broken before we can be reasonably confident the downdraft so far this year has been curtailed. Many analysts have drawn a bearish trend line from the December highs, and that trend line is very close to the 200 dma. So that level on SPX is crucial to watch.

So we wait on Mario...