The S&P is seeing pressure in on-balance-volume (which has effectively flat-lined) to switch negative. While Slow Stochastics is about to switch positive. Bulls will be looking at the 200-day MA for support. Bears will want to attack the 50-day MA. But the next few days could be scrappy.
The Nasdaq was repelled by its 200-day MA. Shorts will have an easier time playing against the 200-day MA than waiting for the S&P to get to its 50-day MA.
The Russell 2000 had managed to push above its 200-day MA, but finished the day with the index at its 200-day MA. This could swing either way, although improving technicals suggests bulls will reassert themselves, but it may see a temporary drop below this average given the sharp gains in recent days.
Wednesday could see today's losses expand, given the sequence of gains posted up until today, but bulls look better placed to benefit into the New Year.
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