
The semiconductor index took the hit hardest but it did fall back to rising support and didn't lose its 200-day MA. However, there was a 'sell' in the CCI and a bearish divergence in the MACD trigger line.

The S&P showed what a mediocre day it was for Large Caps. Whatever strength emerges over the next few days will likely be channeled to large caps over Tech stocks, but in the larger scheme of things everything will head down in the short term as overbought market conditions are relieved.

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.