It was a decent, yet unspectacular day for the indices. Early losses were clawed back by the close, but there was no push higher.
The S&P is nicely positioned to gain. The inside day at oversold conditions is typically bearish, but I’m not sure today was.
The Nasdaq may be shaping a new handle, of which today fits inside the range.
The Russell 2000 was more outwardly bearish and closed today’s gap. It managed to return to its 20-day MA, although it did register as a breakdown of the handle, and a continuation of the ‘bull trap’ reversal.
The Semiconductor Index held the breakout, holding the upper resistance turned support.
Today is no different to yesterday; shorts stick with the Russell 2000, longs with the Semiconductor Index.
