There was a big up in trading volume on Wednesday and the action ranked as distribution. For the NASDAQ, however, it was not enough to deliver a loss of trendline support or its 50-day MA. Plus, technicals are growing bearish with 'sell' triggers in the MACD, On-Balance-Volume and ADX—not to mention a relative loss against the Russell 2000.
The S&P 500 has been more low key. Trendline support is holding along with its 20-day MA, but there is still a MACD trigger 'sell', offset by a whipsaw On-Balance-Volume. Unlike the NASDAQ, the index is outperforming the Russell 2000.
The Russell 2000 (via (NYSE:IWM) is trading at its 20-day and 50-day MA after failing in its initial challenge of its March 'bull trap.' Support still holds, but the MACD, On-Balance-Volume and ADX are bearish. The index is outperforming the NASDAQ.
The Russell 2000 is still consolidating, although the move that got it here was considerable. The NASDAQ's losses appear more as an extension of the trading range, rather than any major topping pattern.
Given that, I suspect the current support test will fail for that index—but that support around 13,000 should hold. The S&P could go either way, but it isn't really the index of interest at the moment.