There was to be no follow through as US markets survived the Asian session. It was a relatively calm day with markets heading into NFP data at the end of the week. What was said yesterday remains true today: markets lost support and are in a battle to retain it.
The S&P managed to close a little higher, but the question of overhead supply remains.
The Nasdaq sticks to 4,900 support on lighter volume.
The Semiconductor Index is also fighting a gap breakdown of support.
The Russell 2000 experienced a wide range day, but finished with a similar close to yesterday.
Shorts will be looking to attack rallies. Longs may look to trade the ranges; for example, buying 4,900 in the Nasdaq and selling at 5,100.
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