With the swings we have seen since the New Year rolled in, it was no surprise to see small losses yesterday after two good days. This leaves indices nicely positioned to break out of the various trading ranges in play.
The S&P 500 has to get past what looks to be strong resistance around 2,064 before it can make a challenge on 2,093. The former might prove to be the bigger challenge than the latter. Technicals are a little mixed, with On-Balance-Volume whipsawing back to a 'sell' trigger.
The NASDAQ experienced technical distribution as it works support at the 50-day MA. Of the indices, it's furthest from resistance.
The Dow finished yesterday with a spinning top right below channel resistance. Today offers a good chance for a breakout.
The Russell 2000 is ready to pop 1,200 today. Like other indices, the MACD is on a trigger 'buy'. Can today deliver? Also in play is net positive bullish momentum (stochastics above 50).
We will see tomorrow..