While the S&P melted up on nothing during the pre-covid rally, the Nasdaq actually had a lot of participation. This time though, both are falling upwards, especially the Nasdaq which looks like a dead man walkin.
I legitimately wonder how long the main US indexes can be dragged upwards by the Asian markets, especially China which looks like it's about to go Shanghai 2014 on us with Xi pulling a Donald Pump recently.
I mentioned last week that we should watch the Dow Jones Utilities closely, and we saw that bounce off the lower trendline and then it met with the 20SMA, which was interestingly bouncing off the 50SMA ... well look what happened today, a huge rejection. Definitely worth noting, and gonna continue to keep a close eye on that, because it's been pretty key in determining market swings.