It is hard to know how long the S&P 500 will be stuck in the narrow trading range at 2,040-2,058.

As noted in Tuesday's Daily Market Outlook, stocks have been able to withstand many "fears." And on Wednesday, fear of an impending rate hike should have been enough to drive the S&P 500 through its low at 2,034 and stick there. Instead, a cavalry charge of buying swept prices to an unchanged close — a strong signal that the bulls are holding.

However, cash is still king until Mr. Market clearly breaks out one way or the other.