The S&P did see a technical change with an On-Balance-Volume 'sell', and after a recent upswing in buying, it will be important this doesn't morph into a new downward trend.
The breakout gap is a big void which traders will try and fill. True 'Breakout Gaps' never fill, so while a violation of the gap is allowable, it shouldn't be allowed break below Monday's close, and ideally, hold above 3,050.
The real winner is still the Russell 2000. A successful back-test of 868 would be very bullish.
For Friday, look for more consolidation action. Although the next leg up will probably be a big one as what sideline money is out there is likely anticipating a higher move, particularly for the Russell 2000.
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