There wasn't a whole to today's action - which is probably a good thing.  There was no follow through lower, instead markets traded in a more neutral manner with a set of narrow range doji.  The Nasdaq held on to Friday's lows with a new 'sell' trigger in On-Balance-Volume.  I have marked support at 13,885, but where it's out now is probably enough to consider it close enough to just support; a small gain tomorrow would be enough to regain this support. 

The bounce off January swing lows tapped out Friday as traders were keen to take profits on higher volume distribution.  In the case of the S&P there was a confirmed 'sell' trigger in relative performance over the Russell 2000 along with an On-Balance-Volume 'sell' trigger.  Friday also delivered a trendline break and an undercut of the 200-day MA for a second time in less than a month.  Intermediate term stochastics were also rebuffed at the mid-line, another sign we are in a bearish market. We are probably looking at a measured move lower to around 4,000; it would take a break of 4,600 to negate this target. 

Following the initial rebound it has been a struggle between buyers and sellers in asserting dominance over markets.  In the case of the Nasdaq, the index has managed to retain support of 13,885 as it looks to push beyond near term 20-day MA resistance. A fresh gain tomorrow would be enough to lead a challenge on its 50-day MA and/or its 200-day MA.  Technicals haven't changed to much with 'buy' triggers in the MACD and On-balance-Volume holding. Aggressive shorts may look to challenge the close of the breakdown gap from the bearish 'black' candlestick but would need to cover quickly if 14,505 was breached to the upside.  

Trading volume wasn't that high on Friday, but end-of-week buying helped prevent an acceleration of losses (and the fear) generated by Meta's loss in ad revenue. The January swing lows is looking more solid in the Nasdaq. There is a bit of a mini-support level around 13,885 which we will want to see hold on an end-of-day close basis (intraday violations are okay). We still have the MACD trigger and On-Balance-Volume 'buy'.