The daily charts of several stock market indices have all reversed at their ellipse turning point indicator, which increased the risk of a reversal from current levels.
I am bearish on the Russell 2000, which has been a big laggard off the low.
Should the S&P 500 reverse back lower here, we would like to see a higher low above 2500 before being bullish again.
Frankly, the sharp rally (V) off the lows has been surprising considering the crash (and likely unsustainable).
Below are charts of the S&P 500 Index and the Nasdaq Composite.
Tech has been a leader so keep an eye on that one as well.
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