The U.S. stock market indexes lost 0.1% on Wednesday, slightly retracing their recent rally, as investors took some short-term profits off the table, following quarterly earnings releases, tax cuts plan announcement, among others.
The S&P 500 fell just short of 2,400 before fading to a flat close. If buyers do not step back in quickly, the index will risk a full retreat to 50DMA support (where I will happily reload on S&P 500 longs).
After a hefty overnight gap we seem to now be on the downturn for markets, at least according to the SPY chart. QQQ and IWM are strong but have gaps that may well need filling before the next major leg higher.