
Ironically, the index which looked like it was going to take the Nasdaq and Nasdaq 100 down, the semiconductor index, had a quiet day. A narrow doji on the 50-day MA didn't change anything and the possibility of further gains are not off the table.

Small Caps also had it rough as the mid-June breakdown could only run alongside former support before it dropped through its 50-day MA:

The July holiday weekend means no trading for Friday so it will be a edgy weekend for bulls. One more day of downside over the next couple of days may end any hope bulls had of challenging May/June highs until probably the end of the year.
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.