Semiconductors enjoy biggest gain

There wasn't a whole to Friday's action but Semiconductors did enough to negate the two potential short plays on offer as it managed a new closing high for the December - March rally.

Semiconductors enjoyed a relative performance gain against the Nasdaq 100 which should ultimately help the latter index (and the Nasdaq). The CCI returned to bullish territory but the MACD is going to need a couple more days of gain to switch 'bullish'.

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Russell 2000 and Semiconductors struggle (a little)

There wasn't a whole lot to today's action. Weakest of the indices, the Russell 2000, may be offering shorts a second bite of the cherry following a rebuff off the 20-day MA, but it was not a decisive reversal.  Semiconductors have so far failed to challenge the February high and this weakness may make its way into the Nasdaq and Nasdaq 100 which are faring slightly better.

The S&P (along with the Dow) had a quiet day. A very narrow doji following yesterday's 6-month high keeps the rally going and the 200-day MA is there to lend support.

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Monday's gains consolidated

There wasn't a whole lot to add to today's action but the best thing that could be said was that yesterday's gains held.

The Nasdaq added near 0.5% as prior 'sell' triggers began to reverse; first was +DI/-DI.  However, On-Balance-Volume and the MACD are still on 'sell' triggers. Relative performance has also managed a new multi-month high, perhaps enough to help break the 7,643 high.

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Semiconductors at support

The Semiconductor Index made a support test at converged 200-day MA and horizontal support of 1,295. Technicals for the Semiconductor Index have a bearish MACD trigger 'sell', CCI and ADX bearish cross in the +DI/-DI.  Intermediate term stochastics [14,3] are oversold and in a position to mark a new 'buy' trigger.

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