It could have been better but bulls should be happy with the work done in the Russell 2000. Yesterday's close pushed the index into the 10% zone of historic weak action (reached in October 2018) while also confirming a double bottom on a two-bar reversal. It's a second 'buy' signal after last Thursday's failed.

The S&P wasn't so lucky as it struggled to bounce off its double bottom. Black candlesticks are rarely good to see, and with a distinct lack of support below it could prove problematic after Thanksgiving. Technicals are all bearish, including a bearish swing in relative performance to the Russell 2000. There are three tiers of support drawn and the index has - so far - defended the second level. On a more positive note, the index dropped into the 15% zone of historic weak action, marking it as an accumulate for investors.

The Nasdaq is struggling more than the S&P and while it remains in the accumulate zone for investors, it just missed out Tuesday from entering the 10% zone of historic weak action. Technicals have nothing to offer bulls, each showing marked accelerations lower. While investors should be dabbling here there is a good chance things could get worse here.

The Dow Industrial Average is resting on a support zone, offering another 'buy' opportunity. There is no 'black' candlestick but watch for a gap down - although Thanksgiving Friday is typically a feelgood mini-rally - it may be Monday or Tuesday before the market's true intentions are shown.

For Friday, look for a small rally to keep the junior trader's happy but it may be Monday or Tuesday until we know how strong a new swing low markets created today. Traders will have had one stop out from last Thursday, will today be another?