The S&P is oscillating around the 50-day MA. Today's high at 2,089 marks a short risk level for a push to the March low of 2,039.
The Nasdaq was rebuffed at 4,950, which increases pressure for a (fourth) push on 4,842.
The Russell 2000 is in the process of challenging the 'bull trap', although its trading within a narrow 1,243 and 1,268 range. Technicals are a mix of bullish momentum, and a weak MACD 'sell' trigger.
Tomorrow is set for some selling follow through. Watch the Nasdaq for a test of March lows; it's likely to be the first to do so, and will lead other markets lower if breached. Once March lows are breached, 200-day MAs come into play.
You've now read my opinion, next read Douglas' and Jani's.
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com, and Product Development Manager for ActivateClients.com. I do a weekly broadcast on Friday's at 13:30 GMT for Tradercast, covering indices, FX and gold, silver and oil - all are welcome! You can read what others are saying about Zignals on Investimonials.com.
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