Both the bulls and bears have been punished when they tried to push the market too far in either direction. This makes it less likely that market participants will take a strong stance in either direction. Add to that uncertainty about Europe, earnings and summer trading and the odds for a big move become even smaller.
We have had three straight down days and European stock and bond markets are rebounding this morning. An up day today would not be very surprising but there is little reason to think that this would lead to a strong rally with the indicators mixed and all the uncertainties.