After all the ups and downs, today was relatively calm. The picture from yesterday is more or less unchanged.
The S&P is holding on to its 200-day MA, but given neutral action today and the proximity of the index to this moving average, it was a little disappointing. An undercut and weak finish Friday would set a more bearish tone for next week.
The Nasdaq continues to anchor itself around 5,038, although today's trading volume was well below yesterday's. Lots of room for maneuver for both sides to play tomorrow.
The Russell 2000 experienced a small loss, but there is whole lot riding on Thursday's 'hammer' spike low holding. Bulls will not want to see a Friday close inside Thursday's lower spike (or even lower...)
The Semiconductor Index is the one to keep an eye on. It continues to shape a bullish wedge as action narrows towards a wedge apex.
Tomorrow will be about defending Thursday's late day surge. Can markets hold yesterday's gains into next week?
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