Markets feeling the pressure of Thursday''s selling recovered to maintain recent breakouts. For example, the Nasdaq 100 made it back to breakout support after briefly undercutting this level on Thursday. Technicals are all bullish and the index remains well placed for further gains.

Since my last update markets continued to edge higher. As of Wednesday's close the Nasdaq 100 was the latest index to break to new all-time highs. Relative performance for the Nasdaq 100 edged a little ahead of the Russell 2000.

Thursday's selling, despite the heavier volume, couldn't undo the underlying demand kick-started by Wednesday's Russell 2000 breakout. The cleanest breakout was in the Semiconductor Index. It finished inside the zone defined by the March 'bull trap'. A push to next resistance at 1,465 looks a reasonable target from here.

Trump's tariffs sent markets on a bit of a spin but total selling, while ranked as distribution, didn't go above 1%. More importantly. the bullish setups from yesterday remain valid. Loses in the S&P took the index back to challenging the 'bear trap'. An open around 2,700 could offer a discounted long opportunity.