Most of those factors are actually improving. Take oil for example. Inventories of crude oil grew by a whopping 11.2 million barrels to 301.5 million barrels. Another factor is that incomes continue to climb in real terms. The negative savings rate suggests consumers are continuing to borrow or liquidate assets to maintain spending levels.
Inflation continues to be a worry, especially with import prices edging up.
This could weaken the dollar and as a result, import prices would jump, driving up domestic inflation. This would put the Fed in a complex position. Not an easy situation to manage. Next week will be telling. To build confidence the Nasdaq has to hold above this level and not show any signs of breaking below it on a closing basis.