Technicals...

• The S&P, Nasdaq, Dow, and Russell all moved lower in sync on Thursday. The S&P and Nasdaq pulled back from their highs, forming new pockets of overhead resistance, while the Dow and Russell held their respective resistance ranges and moved lower. This move lower came after momentum readings for the S&P and Nasdaq had started diverging from price action, stalling at resistance while price pushed higher. On Thursday, those readings moved back in sync with price, moving lower from their respective resistance ranges. With the short-term trends on the indices remaining mixed, it remains to be seen whether the newly formed resistance levels will take control or if support ranges will reassert upward pressure.

• The Volatility Index (VIX) finished Thursday's session higher, closing above its initial downside support range from 15.30-14.55. If price breaks below this range, it would likely test the 13.95-12.70 range right below. If we see buying pressure emerge at these levels, equity indices are likely to come under pressure, while a break below these ranges or prolonged consolidation would likely align with higher equity prices.

Key Technical Levels to Watch

S&P 500 Index

• Resistance: the S&P finished Thursday's session lower, forming a new pocket of overhead resistance from 6148-6120. If price moves back into this range and breaks above 6148, it will push into new all-time highs with no overhead resistance.

• Support: our downside support ranges remain unchanged. The first support range comes in from 6025-6005, followed by 5955-5925 below.

• RSI: is now confirming price, moving lower from resistance.

• Trend: the short-term trend has shifted higher, aligning with the longer-term uptrend.

Nasdaq 100 Index

• Resistance: similar to the S&P, the Nasdaq finished Thursday's session lower. As it moved down, it formed a new pocket of overhead resistance from 22223-22125. If price moves back into this range and breaks above 22223, it will push into new all-time highs with no overhead resistance.

• Support: our downside support ranges remain unchanged. The first support range comes in from 21910-21810, followed by 21525-21400 below.

• RSI: is now confirming price, moving lower from resistance.

• Trend: the short-term trend has shifted higher, aligning with the longer-term uptrend.

Dow Jones Industrial Average

• Resistance: the Dow closed Thursday's session lower, closing near its session lows. As it moved lower, it formed a new pocket of overhead resistance from 44636-44410. If price moves back into this range and breaks above 44636, it will likely move into the 45070-44785 range above.

• Support: price broke through its first level of downside support, opening the door for a move toward the next support range from 43427-43080, followed by 42275-41925 below.

• RSI: is confirming price, moving lower from resistance.

• Trend: the short-term trend remains sideways within the context of a still intact longer-term uptrend.