In recent months, output growth has moderated and the pace of improvement in labor market conditions has slowed. This softness likely owes importantly to the substantial rise in energy prices.

That's the bit that has stopped today's light volume rally.
Are we in a small soft patch or walking into quicksand?
The US markets priced in Nirvana with ref to profits/job growth earlier
this year. If we aren't going to get it, then what are we doing pricing
it in at these levels?

Melnibone.
(Still Bearish, but still looking for an oversold bounce.)