The Dow is similary inclined although supporting technicals point to greater weakness in the days ahead.
The recent rally in breadth failed to find support from technicals; this rally is nothing buy a relief rally in a broader intermediate downtrend. The Percentage of Nasdaq Stocks Above the 50-day MA shows this best.
With able assistance from the less volatile Summation Index:
Best to sit this out and see where the next reaction low lies; 1,773 is already the line in the sand as a reaction high for the Nasdaq (ditto the May highs for the other indices).
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, stock charts, watchlist, multi-currency portfolio manager and strategy builder website. Forex data available too.