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"This rebound is probably only as good as the next economic release," said Russ Koesterich, an investment strategist at Barclays Global Investors.
Another day, another ugly economic release.
Wednesday: The weekly report on U.S. petroleum supplies is the only economic release scheduled for Wednesday.
Thursday: The weekly report on U.S. initial jobless claims is the only economic release scheduled for Thursday.
As usual, this leaves the market to toil with every bit of economic data to interpret the Fed's view of the economy, which, according to the market's interpretation as reflected in equity prices, seems to change with nearly every economic release.
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Those expecting a rebound after four days of losses were also disappointed by early economic releases that suggested more weakness in housing and regional manufacturing.
Photograph: ROBERT PRATTA/REUTERS Updated at 9.35am GMT 7.46am GMT Eurozone crisis agenda And a quick look at the agenda for economic releases across the eurozone.
We may see some profit taking following recent gains but with a dearth of major economic releases the to-ing and fro-ing of late looks set to continue as investors look to corporate earnings as the key driver.
Earnings should take on even more importance next week because of the lack of important economic releases.
Reading and processing the data from the economic releases is more valuable than reading the stories about the releases.
Thursday: May's retail sales, April's business inventories, and weekly initial jobless claims are among Thursday's economic releases.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com