Due to yesterday's bullish, higher volume reversal, near-term momentum could easily enable the S&P and Nasdaq to move back above their 50-day moving averages.
The S&P 500 futures are drifting lower in European trading on Tuesday morning, and, if the possible support around 1050 is sliced through decisively when trading begins in North America, Clive Corcoran would be looking for a return to levels in the 1040 zone.
With the S&P 500 undergoing a failed breakout in mid-June, followed by a failed breakdown in early July, it may be wise to not harbor any strong opinions regarding broad market direction right now.
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