Holding off for now

The market going below 13,400 has me concerned.

Since Tuesday the Market has been trying to drop below 13,400
Tuesday - dropped from 13,850 to 13,375 before closing at 13,433
Wednesday - dropped from 13,779 to 13,367 before suddenly lurching up in the last 15 minutes to close at 13,474
Thursday - dropped to 13,379 and surged 115 points in the last 2 hours
Friday - dropped 100 points at opening to 13,400...and is continuing to tread there

Does that speak to underlying strength and building a base at 13,400? It could be a sign of healthy consolidation. The last big run-up from August-October also had a series of ups and downs, but each down was progressively higher than the previous dip.

In this latest move up since the 11/26 crash, we have had one dip: 12/4 the market went from 13,371 to 13,248. Whereupon it moved over the next few days to 13,727.
We are experiencing a pullback that remains above the last dip: 13,400 vs. 13,248.

That seems positive. My only concern is that the way the trading is going does not suggest broad based buying but sudden, targeted moves to buy stock and get the market up.

That is:
Positive: consolidation
Negative: Recent rally over Fed moves is over. The move up since 11/26 was a dead cat bounce. We are heading back to 12,700

I will wait til Monday it seems