Seems like the market wants to test the 32SMA or near 1390 on the SP500.
As of today, after the ADP report, the bullish thesis is still intact.
But yesterday we began to see a short-term sentiment shift starting with the Fed minutes. The fed minutes were economically bullish. Today we are seeing follow through most likely due to the Spanish auction this morning. (This is allowing for US banks to consolidate.)
Interesting observation: A bit of a fake out this morning, as the markets were declining, cyclical names were firming up, providing support to the market. After the non-manufacturing ISM numbers were released everything collapsed again. I just thought the action was interesting.