The market is jittery and it's gonna keep heading lower for a while. Earnings news is doing nothing to help. Who cares if a company beat estimates by a penny when the profits are so far down from the year before and the estimates were already lowered three times?
There's really no conviction. The market is churning. That's all it's doing is churning.
I can't see the market doing anything dramatic without those questions being cleared up.
Right now the trend is up but we're getting very overbought. The market is susceptible to any pullback.