There wasn't a whole lot to add to today's action but the best thing that could be said was that yesterday's gains held. The Nasdaq added near 0.5% as prior 'sell' triggers began to reverse; first was +DI/-DI.  However, On-Balance-Volume and the MACD are still on 'sell' triggers. Relative performance has also managed a new multi-month high, perhaps enough to help break the 7,643 high.

The Semiconductor Index made a support test at converged 200-day MA and horizontal support of 1,295. Technicals for the Semiconductor Index have a bearish MACD trigger 'sell', CCI and ADX bearish cross in the +DI/-DI.  Intermediate term stochastics [14,3] are oversold and in a position to mark a new 'buy' trigger.

The Russell 2000 lost over 2% as it undercut the 20-day MA in a move which could pull the other indices down with it. The ROC is well below the mid-line and the -DI is on the verge of a bearish cross with its +DI following the earlier lead of the MACD.

It was a day when the tight trading of recent days started to widen (in favour of sellers). The Russell 2000 reversed Friday's gain as the 200-day MA became a more substantial resistance level.  Relative performance against the Nasdaq ticked lower as the index edges towards a new phase of weakness. The marked short trade is still in play with the MACD trigger line acting as a lead indicator to the trade.