Indices recorded another set of losses but some now offer an opportunity for longs. Best of these belong to the Russell 2000. The Russell 2000 managed a picture perfect tag of the 200-day MA with Friday's lows making it to 1,618. Shorts trading the tag (of the 200-day MA) will have come out with a nice profit and aggressive longs may have also used the opportunity to trade a bounce with a buy.

Small Caps weren't able to recover the channel and another 1%+ loss was chalked up. It's looking ever more likely a tag of the 200-day MA is on the cards. Relative performance actually ticked up despite the loss but this was an ugly day.

A mixed bag of events for markets as some moved while others remained unchanged. The Russell 2000 made a key move lower as it broke channel support. Relative performance widened its losses as declines were logged.  The next target is the 200-day MA.

The Nasdaq 100 is the one index which looks ready to break higher as it pressures the August 'bull trap'. While Friday ranked as higher volume selling - technical distribution - the loss was small and the index continues to push against resistance.  Technicals are mixed with a 'buy' trigger in the MACD offset a weak 'sell' in On-Balance-Volume. The main positive is the surge in relative performance against the Russell 2000.