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Semiconductors Make Biggest Gain Off Support

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Indices experienced varying degrees of buying Monday, most of it relatively small. Biggest winner was the Semiconductor Index as it rallied from converged channel, 20-day, and 50-day MA support. This was accompanied by bullish upticks for both ADX and Stochastics.

Nasdaq Breadth Metrics Race Lower

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The Nasdaq and Nasdaq 100 were able to finish the week on support but breadth metrics took a nose dive lower. Both the Nasdaq and Nasdaq 100 only have MACD trigger 'sells' to mark weakness.

Dow Jones Industrials Ploughs a Lonely Furrow. Small Caps Feel The Strain

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Markets are feeling the pinch in what was a heavy sell off in the Russell 2000. The break of the rising trendline has accelerated a rout rather than consolidated a 'bear trap'.  The index undercut the 50-day MA in a clean move which didn't suggest demand buyers were willing to step up to the plate. Next stop is the 200-day MA.

Minor Selling

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Today's action ranked as bearish cloud cover after last week's bearish reversal. However, as these reversals came in beneath last week's highs the significance of this selling is less. Volume was also lighter. The S&P triggered a 'sell' in its On-Balance-Volume but it's well above breakout support.

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