This is really no surprise to me. The last uptick in the market was on lower than average volume, which means (at least to me) there wasn't a lot of enthusiasm from the large institutional guys and gals.
There were other indications of some weakening in the economy, such as housing starts down 9 percent in January. KB Home and Lennar, large new home builders (I live in a new KB Home), reported lower than expected earnings and revenues. While mortgage rates are slightly lower, they are still higher than historic lows.
Reports by Schwab this morning included: "European equities are trading mostly to the downside in afternoon action, with concerns of a decline in economic growth seeming to trouble investors. Also, weak economic data out of China is weighing on the markets, while global growth uncertainty remains a source of touchy sentiment..."
|SPY which tracks the S&P 500 as of 10:45 CDT March 27|