It's perhaps a bit of a reach, but the S&P closed below key 1,987 support yesterday in what could turn into a 'bull trap'. What makes the 'bull trap' a tenuous conclusion is the 3 day decline required to get it there. Also, the index hasn't yet tested its 50-day MA, this should be an area of demand. Technicals are developing bearish, but are not net bearish. Bulls will have another opportunity at the 50-day MA which could see a test today.
The NASDAQ closed at the low of the day, but not before it attempted an intraday rally. The rally came before a test of support, a support level which will fast see the 50-day MA coming to help.
The Russell 2000, which suffered the most on Monday, took another hard hit yesterday. As a canary-in-the-mine it's not an omen of good fortune, but until it breaks below 1,090 support there is little more to add.
Nasdaq breadth is showing a strong bearish divergence, but is not oversold.
For today, bulls will get another shot, although cagey longs would be best to wait for 'bull traps' to reverse or successful moving average tests to happen before committing.