Monday promised much—Tuesday delivered an air of gloom. The S&P finished the day with a 'gravestone doji' which is ususally a bearish reversal candlestick.
Adding to this is an overbought setup, which strengthens the reversal potential of the candlestick. If this is to play out then look for a lower close on Wednesday, which collectively would also set up a 'bearish evening star.'
The NASDAQ closed with a bearish 'black' candlestick (also 'bearish cloud cover'). Volume climbed—which would register as accumulation under normal circumstances—but with yesterday's setup, I would see this as more bearish. Today should be a day for sellers.
The Russell 2000 (via IWM) is still range bound which protects it from reversal machinations to a degree, but Monday's breakout looked like the start of something. Yesterday's selling has undermined much of this hard work. Another down day today would create a 'bull trap' and open up for a larger move down.
Today is an important day for the indices. Monday had offered an opportunity for bulls which Tuesday did its best to take away. Another down day on Wednesday will confirm yesterday's bearish setups.