As the shooting star suggested yesterday, the market largely traded sideways today with SPX closing down $2 at $1845 and RUT pulled back one dollar to $1174. Today's candlestick was a spinning top, which suggests indecision or a balancing of the bulls and the bears. Neither group is dominant.

Analysts appear to be in two camps. One the one hand, the bulls are touting all of the reasons for the bullish trend to resume and fully expect the markets to break out any day. The other camp is looking for what they regard as the overdue correction of 10% or more. For what it's worth, I believe the market is more likely to be bullish or, at worst, trade sideways as long as the Fed is actively involved. Those who are looking for correction after a +30% year in 2013 are forgetting about the Fed's both strong and unprecedented support of this market. Today's price action reaffirmed the strength of resistance at $1850 on SPX. I wouldn't be too alarmed on the downside until SPX broke its 50 dma at $1817 (and there is solid support at $1810).

Trading volume dropped off from yesterday with 2.3 billion shares of the S&P 500 stocks, right at the 50 dma. Trading dropped 6% on the NYSE and declined 2% on NASDAQ.

Interestingly, the VIX dropped a little over a half point to 13.7% in spite of the market being slightly down today and unable to hold its intraday highs yesterday. This suggests the large institutional traders remain confident that the overall bullish trend will hold and that position may be the high probability bet.