Bears got more out of Friday to the extent we may get the larger pullback I'm looking for. We saw something similar in late July that didn't evolve into a larger test of June lows, but now we can look at retracements that could play into Fibonacci retracements. With Fibonacci retracments we can look at confluence with other support zones - which increases the probability of those price levels playing *as* support.
The Russell 2000 is the index leader. With Fibonacci layered over the move off June lows the 50-day MA is looking like a natural support test. This will hurt the current net bullish technical picture, but it should be better for the index in the long run.
The S&P is the next strong performer having reversed off its 200-day MA. The Fibonacci retracement level is also pointing towards the 50-day MA as with the Russell 2000. Adding to the selling pressure is Friday's distribution day with a new 'sell' trigger in On-Balance-Volume.
The Nasdaq is tettering much more in favor of bears. We have a relative underperformance to its peers, coming with a new MACD trigger 'sell' to join the earlier 'sell' trigger in On-Balance-Volume. As with the previous indices, we are likely looking at a test of the 50-day MA.
If we see a repeat of June, then Monday is going to be a big white candlestick, but I would be happier to see more controlled selling to confirm June lows as the primary low of the 2022 sell-off.