If markets need a wall of worry to climb, we have a steep wall laden with axle grease. Let's enumerate the blocks of the wall of worry. A presidential election of one week earlier, that is unresolved as to winner or the time a winner can be determined.
Markets hate uncertainty.
A Fed that may still be more focused on inflation than economic slowing. The market itself may contribute to a retail sector being even weaker than consensus. Decelerating earnings forecasts. Downward adjustments have come in fast after the third quarter earnings, warnings, and caution. Analysts are finally downgrading long term favorites after they have been cut in half.