Markets did a good job in recent days breaching the lower tops and going above the 50 day moving averages. Right now, we have a resistance at 1220 or so where the markets were unable to move higher.
The amusing thing is that the markets retreated yesterday night from a high of nearly 2%. Breadth indicators are overbought.
I favor a move down to the 20 day EMA. If the markets have strength, they should push through this tight level.
Else we might just ding dong again.