The S&P 500 crossed its 200-day moving average for the third day in a row today. It's been rejected shortly after each trip above that line. Given the bearish candlesticks it's printed over the last two days and the stochastic indicator I won't be surprised to see the index head back down toward 1170. Still, a close above the 200 DMA, preferably on strong(er) volume would change my outlook.
The Nasdaq also bumped up against resistance today. It got within 50 cents of its 50-day moving average and fell back. This October rally is looking tired right now...
Indices can hold up to only so much chop. If we do head down, my money is on a very swift and sharp tug of gravity...