Down Day?

We are moving through the averages once again on the hourly. This could be seen as a bearish pattern building on the higher time frames as we failed to reach the previous peak.

We are currently testing an important support/resistance at 388. Momentum has also started to turn after the bounce from the 50 day EMA.

Could this be a lower high forming on this critical area? If so we could be building momentum for a move farther south. If we break past the previous ATH around 395, expect to test 400.

Keep your eyes on this today. The FAANG stocks are also testing the bigger resistances on the daily time frames.