"Price Action on Relatively low Volume". I think there are two reasons for this:
1. Longs are selling.
2. PPL are anticipating the results to come out very soon. Anticipation always helps the pps. What's the old saying? "buy on anticipation, sell on news?" (in Katx's case, "buy on anticipation" - yes; but "sell on news" - no! holdon even after news because greater news will follow)