The Russell 2000 took the largest loss, but it's secure above its 50-day MA. The index is trading within a rising channel with a number of support levels, including the 50-day MA, to look too.
The S&P is holding above 1,987 support and technicals are in good shape. Today's action is a chance for bulls to add or initiate a position. Stops go a close below 1,987.
The Nasdaq has room to give up a little more before it comes back to support. Technicals are also in good shape too.
For Friday, look for further upside from the semiconductor index. Near term traders can look to the S&P which may find love at 1,987. No short candidates.
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com.
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