After the day before yesterday's big gains, it was always going to be hard for markets to continue in the same vein. All markets are near 20-day MAs, with the Russell 2000 (IWM) just above this key moving average and the S&P 500 and Nasdaq just below. Volume was down on the day before yesterday, so no distribution or accumulation to record.
The Russell 2000 is trading just below channel resistance but has seen new 'buy' triggers in the MACD and On-Balance-Volume. Wednesday's breakout gap leaves a big void for such prices. Remember, a true breakout gap can't close.
The S&P 500 tagged resistance of converged downward channel and 50-day MA. There is a working 'buy' trigger in On-Balance-Volume, but other technicals are still bearish.
However, after an extended period of weakness, the relative relationship between the S&P 500 and Nasdaq now looks to be swinging back in favor of the S&P.
The Nasdaq has shifted to a bullish wedge after breaking below its prior upward trend. Technicals are net bearish and don't enjoy the nascent bullish recovery seen in the S&P 500 and Russell 2000, but the index is holding on to its 50-day MA.
For today, bulls can look to the Nasdaq despite the relative underperformance against the S&P 500. Bears have the bearish tag of resistance in the index to attack.