Market Report
Bulls and bears are in a bit of a tussle, but given this fight is occurring in the low end of yesterday's range the advantage would lie with the bears. The weekly close will be of a significant importance for the averages. For the Nasdaq there is still a good deal of support to look too:
But bears will point to the extended weakness in the semiconductors. There is very little in the way of support until July lows are tested - ugly....
Large caps are in the process of making an important test of 40-week MA support. A decisive volume break of this average would set up a test of the August lows and a potential double top confirmation. But, this is still some time away:
Small caps are in bigger trouble having cut through their 40-week MA. Only August lows remain to save the Russell 2000. Lower highs and lower lows are on the cards:
Fallond
But bears will point to the extended weakness in the semiconductors. There is very little in the way of support until July lows are tested - ugly....
Large caps are in the process of making an important test of 40-week MA support. A decisive volume break of this average would set up a test of the August lows and a potential double top confirmation. But, this is still some time away:
Small caps are in bigger trouble having cut through their 40-week MA. Only August lows remain to save the Russell 2000. Lower highs and lower lows are on the cards:
Fallond
