
The other area of strength (and good news for long term bulls) was the continued strength in the semiconductor index. It has run into its next test - the 200-day MA; much how it acts here will have knock on effects to the other indices (Nasdaq and Nasdaq 100 in particular):

Is there more to come? Markets have been overbought since the middle of March. The next move down is more likely to be short and sharp; 50-day MAs look to be the most attractive prospect for support for this scenario.
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, stock charts, watchlist, multi-currency portfolio manager and strategy builder website. Forex data available too.