Quiet Day Although Russell 2000 Pressured

There wasn't a whole lot to say for Tuesday; indices were down, but there was little to add aside from the Russell 2000 returning to key consolidation support. The 'bear trap' will likely be coming under pressure later in the week.

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But there was little from other indices to suggest potential trouble. The S&P is at the upper threshold of its former pennant range, but stuck in the middle of its larger consolidation.

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The Nasdaq is another index in the middle of a smaller consolidation, which itself is in the middle of larger consolidation.

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There isn't too much to day say about today, although the Russell 2000 is feeling the pressure. Keep a watchful eye on what it does, as its action will likely determine what will go for the Nasdaq and S&P.