All of the markets have a downward bias today. They all opened lower and zig-zagged a bit. However, pay particular attention to the SPYs and QQQQs end of the day action. They both sold-off on heavy volume. This is never a good sign because it indicates traders saw something that led them to want to get out of the market. The QQQQs ended the day at their low point.
Looking at the daily chart, notice none of the averages has closed above the drawn resistance lines from the sell-off a few weeks ago. Something is keeping the markets from advancing above these points. However, the price action for the last few days could be considered a standard pull-back during a rally. In other words, the fact the markets haven't sold-off is also important. This qualifies as a "we'll have to wait and see" how it all shakes out.
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