Nasdaq And Russell 2000 ($IWM) Test January Support And Go "Meh"

Not a whole lot of positivity to today, eventhough support held. The Russell 2000 ($IWM) showed this best with the undercut of the 200-day MA, then a (double) failed attempt to recover the 200-day MA, but the support level from the 'bear trap' still holds. Technicals are net bearish and there have been two distribution days over the past four days. I can't see 'bear trap' support holding for much longer here.

The Nasdaq is in a similar predictament to the Russell 2000 ($IWM), but it's not struggling below its 200-day MA, but is trying to hold on to January swing low support; should this fail, then the 200-day MA is the next port of call.

After losing its 'bull trap', the S&P is now back inside its prior trading range on a mix of technical strength. It's a long way from the January low and its 200-day MA, making it the index most likely to attract buyers when the return. The index is now sharply outperforming the Nasdaq and Russell 2000 ($IWM),something it has struggled to do in the past.

Finally, the Semiconductor Index is getting close to a decision point around 4,850; loose this level and the September swing low comes into play.

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Investments are held in a pension fund on a buy-and-hold strategy.

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