The S&P is playing into a rising wedge with technicals net bearish, although intermediate term stochastics and the MACD are on 'buy' signals. This looks like it will be break down, but those who follow my ChartDNA posts will see an improving intermediate term picture (for bulls).
I should add, I'm holding a Dow Jones short position, so my bias is bearish - but I have doubts...
The Nasdaq is coasting along its 50-day MA with good technical strength. It hasn't got the weakness of the S&P with strong relative performance against the latter index.
The Russell 2000 is holding to a 'bull flag' and today's action hasn't changed what still could be a solid bullish setup. The index is net bullish in technicals, but underperforming relative to the Nasdaq.
Today was a setup day, but in itself didn't give away too many clues as to what may come next.
You've now read my opinion, next read Douglas' and Jani's.
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Dr. Declan Fallon is the Senior Market Technician for ChartDNA.com, and Product Development Manager for FirstDerivatives.com. I also trade on eToro and can be copied for free.