Technically, this is a classic pullback all set up...
A strong rally to the upside based on vaccine elation supported by financials and sectors for "going back to Normal" followed by a Dark Cloud Cover candlestick pattern that was confirmed with a Gap Down. It is just above a range support, but breaking into the next Gap Down range (below the red line) would be very bearish. MACD is showing a bearish cross down Similarly the Relative Price Strength has crossed down What this means is that to keep up with the bullish rally, there needs to be a much greater upward push... which is less probable than the easier downside retracement.
Still, this downside may be quick, shallow and a set up for the bigger picture in 2021...
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