Selling pressure drying up
The most important ETF in the world, SPY, closed at a 2-week low on Tuesday, but on the smallest intraday range in over a week. An old technical pattern titled NR7 looks for times when a stock or index has the smallest intraday high-to-low range in 7 sessions. The idea is that it shows a drying up of buying or selling pressure. Below, we can see every time when SPY was above its long-term average and then fell to a 10-day low, but on the narrowest range in 7 days. This did tend to lead to a rebound in the very short-term.