What has been a tradition in this market where so many hair triggers are set to instantaneous explanation of every incremental data point is a complete lack of memory from day to day.  A bad labor report nearly 4 weeks on a Friday ago was completely forgotten by Monday.  A "good" GDP report last Thursday was completely forgotten by Friday.  Whereas in the past you built a mosaic over time, today's era of market has almost no sense of memory outside of the current 6.5 hour session.

ISM Manufacturing (only 12%ish of the economy mind you) came in better than expected and so did pending home sales.  ISM Services (Wednesday) is the far more important report but people still seem to think the US economy is like it was in the 1960s/1970s with their focus on manufacturing.  Different importance in a few rust belt states....

Very difficult to apply techniques in such a news driven environment; at this point we are hovering right around the 50 day moving average again.  We'll expect to herky jerk again Wednesday and Friday in similar fashion - guessing if its up or down is akin to placing your chips on red or black.