I view each day’s trading as a struggle between buyers and sellers for the advantage in price direction.
The character of the behavior of market price movement tells us whether a particular day is positive, negative, or indecisive.
Though yesterday’s stock market session closed little changed from Monday, its character was decidedly negative (sharply higher open only to close near the low, producing the largest give-up of gain since 2008). This sets short-term resistance and implies the likelihood of lower prices to come.
The struggle is on now with the Fed desperately printing and pouring money out (inflationary) in an attempt to quell a devastating economic decline (deflationary), spreading like a wildfire, ignited by Covid-19.
We shall see which side prevails. Until proven otherwise by price, bears retain the edge.