Consider the price action for the entire week.
A.) On Monday, prices gap higher, attempt a rally in the AM that fails and then spend the rest of the day trading sideways. Prices do move higher at the end, but can't get above highs set in the AM.
B.) On Tuesday, prices gap higher at the opening, attempt a rally but the rally quickly stalls. Prices close near the open.
C.) On Wednesday, prices gap lower in the AM, rally to around the opening price and stay there for most of the day until a late day sell-off puts prices back about where they started.
D.) Yesterday, prices gap higher at the open but can't hold the momentum. The fall until a late day day places prices near the open.
As a result of this action, you get the following daily chart:
Note the incredibly weak bars over the last few days.
In short, all week long we've seen an extraordinary lack of momentum in the market.
