All of the averages are bumping up against a resistance level, shorts aren't going to cover until these resistance areas are broken.
Some slight improvement in the DIA, this could simply be intraday movement and the averages may need to pullback/consolidate more before attempting to break resistance.
QQQ resistance
Again some slight improvement, but nothing really ground breaking at this point.
SPY resistance
And some more improvement.
If those resistance levels can be taken out, shorts will feel the squeeze and start to cover, which would push the averages higher.
I'm not convinced that the pullback was enough to push through resistance, the market may need to consolidate a bit more.
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