Waiting for Detail

The S&P's down 32 points as I type, the Dow's off roughly 360; volume's a little below average for this time of day (suggesting there's no panic in this morning's action). Early on we saw both indices nicely higher on news that a trade deal is near. 

Per today's chart (click to enlarge), this morning's rally failed, now for the fourth time, right at the ceiling established last fall:



At this point -- while there's indeed stuff to worry about -- we can probably attribute this morning's selloff to simply technical phenomena; bears pouncing at previously insurmountable resistance, bulls waiting for detail/clarity on a trade deal.