There wasn't a whole lot to today's action. Weakest of the indices, the Russell 2000, may be offering shorts a second bite of the cherry following a rebuff off the 20-day MA, but it was not a decisive reversal.  Semiconductors have so far failed to challenge the February high and this weakness may make its way into the Nasdaq and Nasdaq 100 which are faring slightly better. The S&P (along with the Dow) had a quiet day. A very narrow doji following yesterday's 6-month high keeps the rally going and the 200-day MA is there to lend support.

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.

There wasn't a whole lot to Friday's action but the main thing was an advance against the tentative weakness which shaped up last week. Best of the action was the Russell 2000 as it gained nearly 1% to bring it back to its 200-day MA  Monday could be a critical for the index; look for a push above this moving average to follow the lead of peer indices. The index is also enjoying a relative performance advantage against the Nasdaq and S&P; so if money is going to flow into an index it's going to be the Russell 2000.

While sellers ticked up their activity there were enough buyers to keep prices stabilized, although supporting indicators have started to slowly rollover.  The one exception was the Semiconductor Index as it started the day at channel support and rallied higher. While the Semiconductor Index rallied off channel support it was left with a 'sell' trigger in the MACD and CCI. Price action is dominant so I have marked a 'buy' trigger at support but use a loss of the channel line as support.