If it seems like the market is trying to frustrate you by making it impossible to handicap, that's because it is.

Yet, there was just enough of a glimmer of hope by the end of the day to prevent would-be bears from piling on.

That's not to say it won't happen in the future. It might happen. Or it might not. That's the problem… we're still very much on the fence.

Whatever the case is, clearly the market is on the defensive here, being pounded around by the sellers with the bulls unable to do much about it.

There's another red flag quietly waving in the background. That's the market's volume. As you'll also see on the chart above, the red volume bears have been a little bit – if not a lot – taller than the green, bullish volume bars of late. That's still the case as of Monday's session.

Yes, this is confusing. It's not an accident though. The market is meant to confuse you, convincing you a breakdown is looming when a rebound is actually around the corner. Likewise, the market (or at least its participants) likes to tease you with bullishness right before it implodes. Right now, it's not dropping any hints – false or otherwise – largely because it's trying to get more people confused. Give it time. Don't take the bait the chart is waving in front of you. Wait for more clarity.