Consolidating on Low Volume

Volume was very light today, after the selloff that we had over the past week, the inability to attract enough volume buying at these levels has to be troublesome for the bulls.  Seems like a bearish consolidation between 1067 and 1079.    There are a lot of weak longs here looking to trade for a quick bounce.  I am not so sure if the market will oblige them.  I expect a continuation of the short term downtrend for at least a few more days.