Today could prove to be a very big day for the markets after the Russell 2000 ($IWM) showed its first sign of life for 2021. The index managed to take out the 'bull trap', and break to a new closing high. Volume climbed to register as accumulation. 

Friday maintained the good form of indices, the S&P did particularly well as it finally cleared the spike high and managed to register an accumulation day by the close of business. Technicals are net positive and the index is accelerating in its relative performance advantage to peer indices. 

After yesterday's struggles it was good to see Tech Indices take on a leadership role.  The Nasdaq enjoyed a clean breakout with a further uptick in realtive performance to the Russell 2000 and S&P.  While I would like to see this gain matched by the Russell 2000, it was a welcome relief to Wednesday's negativity. 

Monday promised much - Tuesday provided an air of gloom.  The S&P finished the day with a 'gravestone doji' which is ususally a bearish reversal candlestick.  Adding to this is an overbought setup, which strengthens the reversal potential of the candlestick.  If this is to play out then look for a lower close tomorrow, which collectively would also setup a 'bearish evening star'.