The S&P experienced heavier volume distribution, but there wasn't a big percentage loss, nor was there a break from the consolidation range
It was a similar story for the Nasdaq. It took a greater relative loss than the S&P, but it didn't challenge support from the breakout. However, look for such a test tomorrow. All supporting technicals remain in the green.
With the bank holiday weekend over, traders can again look to push the Trump/May agenda. Shorts can remain tied to the Russell 2000 - shorting rallies as they emerge. Longs should to Large Cap indices and the short covering which is likely to follow once trading range resistance is breached.
You've now read my opinion, next read Douglas' blog.
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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.