The market continues to slide lower and there appears to be no respite from the selling pressure.

Due to the holiday-shortened week, a lot of volume or significant price movement is not likely in the market over the next two sessions.

Although Deron Wagner's assessment of the market remains bearish, he must now wait for setups to form in order to take short positions.

The market is struggling to find an identity. Although many stocks were showing promise as potential new leaders, the market has lacked follow-through.

Despite the fact that the market is clearly beginning to struggle, the type of price action being seen is not at all unusual for first thrust reversals.

The number of distribution days remains high for a market that is trying to rally, and caution is warranted.

The market was able to overcome Tuesday's early morning gap down and a significant drop in the S&P and Nasdaq futures in overnight trading. This type of price action is what traders like to see from a market that is preparing for a potential move higher.

Monday's price and volume action in the market point to an absence of institutional participation.

Big distribution days continue to slow things down and make it difficult to extract profits from the market.

Leadership stocks held up surprisingly well over the past two sessions, suggesting the market may not be ready to roll over just yet.