Markets are coiling towards a decision point (within a larger range defined by March high/lows), although markets sold off in late trading to give bears an opportunity to squeeze bulls tomorrow. If bears win, then a retest of March swing lows is favored, and failing that, a move to December lows.
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.
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