This week's updates have both SPY and TLT oversold while VIX dithers around a tight range (also oversold...marginally).. The VDI + and- lines are downslope in all three charts...a very odd situation.
Earnings this season have generally proved to be positive with positive guidance. Yeah, there are a few glaring disappointments like IBM and GE but the markets appear to be taking those "bad' reports in stride and we're not seeing sustained selling after the news.
This week's Trader's Outlook is modesty bearish...same as last week .
And, here's a little piece from ZERO Hedge noting the recent equity withdrawal trend.