The S&P 500 by all appearances should have performed well following the struggle and break above resistance from mid-February. That did not happen and instead there was a bearish reverse indicated in the "bearish engulfing" noted in "S&P 500 bearish reversal" yesterday. Price action late yesterday could have confused some that the bullish trend was re-engaged with the recovery. Instead, our candlestick analysis suggests that the extent of the advance was too modest to indicate bullish prospects and instead a bearish 'hanging man' was formed. A lot of analysts have been calling for a pull-back in equities. The bullish price action of the last week however has likely found prior followers of that advice waning. The risk has thus grown for a 3-5% pull-back.