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Will this be third time lucky for Semiconductor Index short traders? The last two short trades at the 50-day MA have failed so will the narrow doji at 'bear flag' resistance offer a new opportunity for shorts to reverse the two prior losses? It should be noted, technicals do not support a short position but a stop can be run tight to 1,321 highs as any gain from here will break the 'bear flag'.

As the new year picks up speed traders are returning to a new round of fresh buying. It looks like the last trading day of 2016 selling fade is history as potential shorting opportunities generated by it are reversed. For example, the 'bull trap' in the Nasdaq was blown away as the index closed at new all-time highs. This buying was enough to reverse the MACD trigger 'sell' and accelerate the bullish technical performance of other indicators. The faster upper channel line is the new target as the older, slower one was breached on today's close.

It wasn't a big sell-off but there was a downward break of the bullish squeeze in the Russell 2000. It was associated with a MACD trigger 'sell' although this had effectively flatlined from the middle of December. It will be important for support to hold at 1,500 but aggressive shorts could look to enter here with a stop above 1,550 (or longs could decide now is the time to take profit). When traders come back from their break this weakness could accelerate and you don't want to be on the wrong side of the trade.