Fallondpicks.com: Weekend commentary
Technically, the semiconductor index enjoyed a MACD 'buy' trigger, as did the NASDAQ 100. All indices support bullish divergences in their MACD histograms - the first such pattern since the decline started in late April. There is still a bearish alignment between the indices with large caps leading tech markets leading small caps and this will need to change if a sustainable rally is to develop.
I would not be surprised to see this action repeat for the early part of next week as market participants figure out who is in the ascendancy. Based on the relative position of the secondary tech indicators [$NASI, $NAA50 and $BPCOMPQ] it is bulls who have the advantage.