The markets lack conviction at this point. The bulls are hesitating and the bears have not stepped up in a meaningful way. A pullback with bullish divergences would be a welcome sign.
In the graph below, notice the bullish C trendline (slope is up) acted as resistance before the May 2012 plunge in stocks. That same trendline has now acted as support on three occasions. That means trendline C is important and relevant.