$SPY Not the most encouraging action today.

The wedge breakout failed at the May 4 high anchored VWAP and then the day closed near the lows of the pattern.

30-minute charts

$QQQ got close to the May 4 high AVWAP but couldn’t break over and also closed near the lows.

$IWM has been the RS leader and that’s been shown by its ability to get over the 5/4 AVWAP. But it’s at risk of losing it here.

One potential bright spot is that volatility is still coming down. Here’s a look at $UVXY heading lower.

Now we’ll watch into tomorrow for more clues as to whether the bounce can continue.

All three major indexes closed below the daily 8 EMA.

$QQQ made an inside day.

$IWM negated it by a penny.

Holding up here, then clearing today’s high will be the first towards more upside.