We already knew sentiment had dropped significantly, but while the stock market has been consolidating of late, the technicals have modestly strengthened while the fundaments have softened more.

The swift decline in investor sentiment suggests a buying opportunity, but overall sentiment has not reached the extreme many believe... leaving flat fundamental data as the deciding factor from here

The market makes the news, not the other way around

The FOMC announcement is often a turning point for the market and the employment report may suggest there is more to come, which in turn will pressure the earnings that have been so strong this earnings season.

Now the technicals are starting to crack to match the macro fundamentals, but earnings remain strong and supportive as earnings season picks up.

Cooler-than-usual temperatures in the U.S. could impact Utilities production, but Industrial Production is still expected to provide fundamental support for both stock prices and earnings estimates as earnings season begins.

Despite some positive economic data, the fundamentals and stock prices continue to diverge

Durable Goods New Orders are expected to improve, but it is unlikely to make a significant difference in the overall fundamental picture just as there are now cracks in the technical picture.

Investor sentiment recently fell to its lowest level in more than two years, but we can just about say the same thing about the fundamentals.

Industrial Production will likely be an important tell on Friday, but as economic data stabilized and sentiment plummeted, it appears we've merely had an oversold condition within an uptrend.