The answer is simple, everywhere you look, message boards, CNBC, etc EVERYONE is looking for a bounce and I mean everyone. You all know when everyone is leaning on 1 side of the trade, the market goes the OTHER way to inflict maximum pain. Every single morning for the past 7 trading days, the market has gapped up as if this recent selloff was meaningless, i.e. no fear, no big deal. Instead of fear, what you see is: "When can I buy more on this dip?" When was the last time the market gapped down big? Bottoms don't occur in these situations.