you can see the resistance that we are at with the daily chart on the Russell 2000 index and this also applies to all stock market prices (all one market
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Zooming in on the Russel 2000 you can see the 5 min. chart and short term this is looking like an abc corrective pattern (not drawn in). Based on Elliott Wave Analysis the direction of the larger trend dictates impulse waves and corrective waves. This move today I would classify as a corrective wave, and everybody can interpret it differently, as far as I am concerned the the direction of the larger trend is down and that is how I am going to trade the trend.