It's not all doom and gloom. The Nasdaq made a recovery just above channel support. It might be a little early for a bounce but Friday's action should be respected. MACD, On-Balance-Volume and ADX are bearish but stochastics are at a bull market support level. If looking long side then risk is measured by a loss of 6,215.
The S&P may also have a long opportunity. The Thursday-Friday combination has the look of a bullish harami cross (one of the more reliable bounce patterns). If playing a long side bounce, place stops on a loss of 2,435.
The Dow has mostly ignored the carnage around it. Watch rallies for new shorting opportunities - I can't see this index bucking the trend for long. Friday saw a MACD trigger 'sell' but other technicals are hanging on.
On a final note, the Semiconductor Index is also offering itself as a long side opportunity. Friday's recovery was at channel support and stochastics held the bullish midline typical of bullish markets. June's bearish engulfing pattern still looks dominant but the index has found buyers on moves back to 1,000.
Premarket is again important as long opportunities are on offer but are heavily dependent on channel support holding - gap downs could be taken as value plays but don't hold if markets fail to recover in the first half hour.
You've now read my opinion, next read Douglas' blog.
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Dr. Declan Fallon is a blogger who trades for fun on eToro and can be copied for free.
. I invest in my pension fund as a buy-and-hold.