The market performed test of the lows that played out to absolute perfection. Immediately after a Friday morning dip to test Thursday's lows, the market commenced a big rally that has lasted until today, Monday afternoon.

Both Friday and today were powerful rally days that took out a number of resistance levels. However we are now at pivotal resistance --- take for instance 1210 on the S&P 500 index as well as its overhead 50-day moving average.

The fact that we are now well off the lows as well as the fact that there is a Fed decision tomorrow and key technical resistance overhead keeps me once again on the sidelines after I've managed to scalp a small quantity of intraday profits.