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After the long weekend markets continued to sell off, bringing the S&P and Nasdaq back to breakout support while the Russell 2000 (IWM) shaped a potential double top.

The Russell 2000 has an On-Balance-Volume 'sell' trigger while other technicals are net bullish. However, the reversal off $205 marks a potential double top, one that would be confirmed on a loss of $190.

Both the Nasdaq and S&P eased back to breakout support, doing so on higher volume selling distirbution. The Nasdaq is underperforming both the Russell 2000 ($IWM) and S&P (SPX) and is the index to likely retreat first back to its 50-day MA. As it stands, it's defending 15,550 breakouts support.

Likewise, we have the S&P nestled against a micro-support level of 4,950 with good technical strength, barring the earlier MACD trigger 'sell'. As with the Nasdaq, today's trading volume registered as confirmed distribution.

For tomorrow, bulls will need to show some resolve if this selling is not to become something more. I'm still liking for moves back to 50-day MAs, but tomorrow will be a chance for the first level of support to come into play and attract buyers.

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