Market has settled down in to a predictable noisy and volatile phase. Eventually the move will resolve itself in either direction but at current stage day to day action is influenced by news flow and jitters.
Intel guidance and Apple Iphone numbers had the market opening strong yesterday, but sellers wasted no time in driving down the market till lunch. Dip buyers tried putting a rally together but by end of day it was a negative day on slightly lighter volume.
Market is in Fed watch mode. So this action will continue till then. It is tough place to be, you can b neither short aggressively or go long with confidence. Tactical plays or sideline is the best bet.