If memory serves, and it honestly may not, this is typical May stuff - especially if some of the previous months of the year were strong - which during this year so far they were. So, the market from time to time finds plenty of reasons to sell, to raise cash.
For the second day in a row, the market is unable to put together a bounce. We started off with some minor strength but it fizzled out and we drifted around the rest of the day before we closed weak again. Breadth turned negative over the course of the day and volume was light. It wasn't terrible action, but it was lifeless and the buyers aren't generating any energy.
We are still oversold, but action like today's helps to remove some of the pressure and makes a strong, reflexive bounce less likely. Oversold conditions can be relieved either by reversing or by churning -- and this market is doing some very heavy churning as it goes nowhere.
Many players look for leadership names to find comfort; we ain't seeing many save for CRM, GMCR, SODA and LNKD. Key sectors like banks, chips and retail are slipping and the money doesn't seem to have found any place to go.