Ahead of Friday’s trade with SPX notching 1315 on SPX, noted the market may meander and not do anything until mid-week/ FOMC date, …“..dip a little or overshoot the resistance some.(10-15 SP handles in either direction)”. As we close today after a see-saw day, it’s pretty clear the market is pausing the last few days taking in what is an extended January rally. There is really nothing substantial to take away from today as it was a very slow day with little in the way of catalysts for either side. The shorts will say the rally is losing momentum and/ or is just fatigued. It’s a no brainer, it’s a consequence at certain points of a big move, especially when resistance comes into play. It’s a healthy thing. Shorts can only back up what they say by putting out fresh positions and there is no proof they have confidence in their words. Until they can back it up, pullbacks will be shallow and will be bought.