There wasn't a whole lot attached to today's action except for the Semiconductor Index. The Semiconductor Index fell back inside its prior consolidation, falling below 1,620 in a near 2% loss. The Index was able to hold on to support of its 20-day MA on a neutral doji. Relative performance turned negative but the breakout is not killed yes.

It was a good start to the week with Friday's losses reversed in their entirety, although trading volume was down on Friday's selling. The Semiconductor Index is closest to breaking out (for a third time) but technicals are all net bullish. It just needs to kick on after the recent back-and-forth.

Friday's selling brought with it confirmed distribution; not great, but with indices range bound the broader picture remains unchanged. Only the Semiconductor disappointed as it again was unable to follow through on its breakout. Speaking of the Semiconductor Index, while Friday's selling took it back towards its 20-day MA - reversing the breakout for a second time - but not enough to consider this a 'bull trap'.

The Russell 2000 pushed above its 200-day MA as other indices had a quiet day. Although, all indices remain stuck inside their multi-year trading ranges, the Semiconductor Index is again trying to break clear. With the gain in the Russell 2000 technicals moved into a net bullish technical stance. It's still a long way from challenging trading range resistance but it has at least squeezed shorts who were perhaps banking on a support breakout in early October.