Last week, neither Fed Chairmen Bernanke nor European Central Bank (ECB) President Draghi committed their respective organizations to a specific solution to the economic woes of the U.S. or Europe. President Draghi’s firm statement last week that “the ECB is ready to do whatever it takes to preserve the Euro” lacked substance. Yet, that statement sent the S&P 500 roaring up +3.56% over July 26 and 27.

Markets attempted to rebound on Wednesday after two days of fear and loathing, but extreme weakness in Apple (AAPL) held back the Nasdaq and S&P 500 while the Dow was able to finish positive. Whether this is just a dead cat bounce remains to be seen. Without a doubt, this week has changed the technical picture from bullish to iffy.

Today’s trading began amidst a multitude of unpleasant factors.

Uncertainties Cloud Market's Progress

We still don’t know what the market wants or what it will get. The market continued inching ahead, up about +0.40% over the last 5 days, but it was down sharply this morning for a loss today.