When I was on my way to work this morning S&P 500 futures were up over 1%. You had a large improvement of jobless claims numbers and Europe was doing okay. The actual market never came close to the futures. The Dow is now down and the S&P went negative briefly. This seems very bearish to me (if not today, in the near future).
What may be even more bearish is Alcoa. The company that is known for always missing estimates actually beat yesterday. Revenue and earnings came in better than expected (though abysmal). In after hours trading yesterday Alcoa was up over 7%. Once again, today it never came close to that. It is now actually down .5%. This could be very telling as "good news" may be priced in and being sold now which could carry into other companies in earnings season. This is vastly different than the last three months.
Volume is running very heavy. Watch financials. Up 1% currently. If they roll over the market probably will also.
So far, a very very weak bounce