Including channel resistance in charts can be a bit of a mixed blessing. On one hand, it gives an indication as to when sellers can be expected to make an appearance in a rally. On the other, it can force you out of a position right before a rally accelerates.
The S&P 500 is underperforming relative to the Russell 2000 (IWM), and yesterday's doji made a picture-perfect tag of channel resistance that delivered with selling today. If one were to look where buyers might come back, the 20-day MA is looking like a good place to start; a bounce here would put a squeeze on a channel resistance breakout and an acceleration of the current rally.
The Nasdaq is in a similar predicament to the S&P 500, working off the 20-day MA as it looks to challenge for a channel resistance breakout. Technicals are net bullish, but the index has started to underperform relative to the S&P 500.
The Russell 2000 ($IWM) hasn't got the maturity in the rally that the S&P 500 and Nasdaq enjoy, so today's selling hasn't honored the nascent channel I have drawn. Having said that, I'm far more interested in seeing the $189 breakout support hold than the current channel.
Blog traffic is well down on my normal baseline traffic, reflecting the large number of people enjoying vacation time in a (relatively) Covid (remember Covid) free summer. Given that, I would not be expecting any major changes in the indexes until post-Labor Day in September.