Intraday the SP 500 futures dipped down to the intermediate trend support of 1320. They bounced back from there closing just above the key support at 1328.
This is sleep 'technical' market action, very typical of a listless summer trade dominated by algos playing catch with the market prices.
Our markets are all LIBOR rigged now.
Until something happens that is, and then they will move, perhaps with a vengance, depending on what it is that happens.