Today’s trading action will likely lack conviction, though the downward bias may not be as pronounced as was the case on Tuesday. China-related worries were cited as the reason for the modest Tuesday pullback. But the reality is that stocks do pause after making steady gains, as has been the case lately.

On the docket for release a little later today is the February Existing Home Sales report, which is expected to show a modest improvement from the previous month’s level. But the housing report is unlikely to prove a major market mover.

The broader context for the market’s recent gains is the steadily improving outlook for the U.S. economy and a less worrisome European picture. China’s growth outlook remains an unknown, but the question has long been debated in the market, and lacks in "surprise" factor. And this broader theme about the U.S. and global economic backdrop remains intact.

In corporate news, Oracle ( ( ORCL - Analyst Report ) reported better-than-expected results after the close on Tuesday. General Mills ( ( GIS - Analyst Report ) came modestly short of EPS expectations this morning, as high input costs weighed on margins, offsetting the better-than-expected revenue top-line numbers.