On the other side of the coin was the semiconductor index. Here, there was concerted action on the part of sellers to take the index back to support. Although, there was a fresh 'Golden Cross' between 20-day and 200-day MAs. Today's close does offer an aggressive long, with an alternative entry level at the fast rising 20-day MA.
The damage in the semiconductor index was reflected in the Nasdaq and Nasdaq 100. The Nasdaq 100 also generated a 'Golden Cross' between 20-day and 200-day MAs and is sitting at a support level. Again, it offers a good place for longs to step in.
The S&P saw a 'bear' cross in On-Balance-Volume, but the consolidation continues to perform well (if a bull).
Tomorrow may see more of the same, but every passing day - like today - favors bulls more. Bears have their work cut out, but the tech averages do sit on a support level which will be considered attractive for aggressive long positions.
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