Rumors of antitrust probes for Facebook and Google put a weak market under further pressure. The Nasdaq took the brunt of the selling on confirmed distribution. In the case of the Nasdaq I have redrawn the downward channel line which will place today's lows at support of this channel line.

It was yet another day bears maintained control of markets with the Russell 2000 again leading markets lower. The Russell 2000 is looking at swing low support of January 2019 after breaking below horizontal support. Converged moving averages (20-day, 50-day and 200-day MA) are now major resistance but markets would be a a month or two away from this test even if there was a rally now.

It didn't happen today, but the Russell 2000 didn't waste any time losing 1,500 support. With technicals oversold there is a chance this could evolve into a larger crash but other indices aren't showing the level of weakness which could offer this scenario.  Not surprisingly, relative weakness ticked lower despite its recent relative strength.

Traders returned from the Memorial weekend in selling mood. Indices, already net bearish technically, suffered further losses on higher volume distribution. The S&P is on course to test its 200-day MA, although relative performance continued to accelerate against its Russell 2000, which will be a cold comfort for current longs, but may be enough to prevent losses from getting too bad.