After yesterday's gains there was no more gas in the tank to squeeze any more out of the market. Worryingly, the Russell 2000 finished near Monday's lows in a relative loss to S&P and Nasdaq, suggesting bearish leadership will come from speculative Small Caps, and that further losses are likely.

The S&P recovered afternoon losses, but the Spinning Top candlestick of today suggests the advance is slowing, and what may be emerging is a 'bear flag'. In the meantime, the index is caught in a no-mans land between resistance and support.

The Nasdaq is pegged by 5,038 resistance, and while it finished down slightly it did so with light volume. Shorts may attack with stops above 5,038, but it there is a push above 5,038 it could bring the Russell 2000 and S&P with them. However, there is a relative under performance of the index to the S&P.

On the flip side, the Nasdaq 100 has already signaled a 'bear trap' in what may be a lead marker for other indices.

The long weekend is upon us, so it's going to be the post-Greek referendum which determines the fate of indices at stated levels.