The market remains concerned with the progress of the earnings beyond the second quarter.

The next three percent move for the S&P could be up, and that would take us to important resistance levels. The question is what is the bias beyond that, what is the next five percent for the market? That's not clear.

You can pick you poison today from anywhere. The earnings concern and lack of guidance for 2006 concerns tech players. But the story goes beyond that to energy pricing, which is still a 2005 perspective. Once again, energy is the leading sector. As long as energy prices remain high the market should suffer.

We need some inference from the Fed that interest rates beyond June are in doubt,