Markets are digesting the gains from last week and , so far, the pullback has been very controlled and shallow. In the $SPY, we will want to see the prior band of support and resistance between 139 and 139.50 hold as support, the 5, 10 and 20 day movaing averages are all now heading higher there and the suggests that yesterdays weakness will not turn into more serious selling. If the market does drop below ~ 13850 it would tell me that we need to exercise much more caution.
It would be good to see the $QQQ hold above 66.50 but we wouldn’t have any real concern unless it dropped back below 66.00
The $IWM has spent a lot of this year fighting the 81-8150 level and we will want o see that area hold as support.
The $XLF should find support between 1520 and 1530 in order for it to create a higher low from which to build the energy to break past resistance at 1560 and continue up towards 16.