Consumer is putting some weight on the Market

Yesterdays Microsoft numbers are probably a good indication of where the consumer market is for the moment.  Until earnings season and the Fed meeting is over this will keep a cloud over the market.  Yesterday was the fourth failed attempt since January 22 to close above the 1393 area on the S&P. 

The positives that are building for the stock market to go higher, namely a stronger dollar and a commodity top with declining commodity markets are in place,  but these positives will have to wait a bit to show their effect.  For now the S&P will need to regroup by testing the 1340 area over the next 7 to 10 days.