Very light volume. Inside days in QQQ and DIA, and very close to inside days in IWM and SPY. If you look at the 60-min chart in the SPY you’ll find that the first hour of trading last Thursday has defined the range ever since.
While it may not feel like it, the market has spent the last 2 days consolidating. This means that we are likely to see a trend day within a day or two. Based on the trend and the close proximity of the daily swing lows, a down move would be the easiest to expect. But I’d be ready to follow the market in either direction because even a counter trend bounce could be significant in size.