Currently on the ES 4 hour chart, the ES is about 3pts above its 34EMA and about the same distance above its which I'm anchoring off the November 8th candle body low, not the wick, of 1744.75. We might get a test of the 34EMA at 1782.50, which is not an uncommon occurrence in a rising trend. However, at test and failure of the 1782.50 area would not bode well going forward. But we're not there yet.
Market participants and dip buyers expect $SPX to rally back all of the nearly 7pts it lost yesterday, as it has done countless times in the past. Failure to do so, especially by Wednesday's close, could mean that the overdue pull back is at hand.