Whether today was a key reversal or just some liquidation and digestion after the recent move up remains to be seen.

But with the week and the month ending, we will have a better answer as we head into next week.

Plus, with lots of earnings reports on tap, we will also find an emerging leader.

Note the weekly chart on the Russell 2000 IWM and the picture-perfect channel.

(Click on image to enlarge)

S&P 500 (SPY) 288-290 pivotal support as this enters a new level of resistance between 295-300.

Russell 2000 (IWM) 130 support then 125-over 130 resistance 134.50

Dow (DIA) 249 resistance 238 support

Nasdaq (QQQ) 216-217 support 222 resistance

KRE (Regional Banks) 38.10 support to hold

SMH (Semiconductors) 135 pivotal, 129-131.50 support. 140 resistance

IYT (Transportation) 155 resistance150 support

IBB (Biotechnology) 121.75 support 125 pivotal

XRT (Retail) 38.50 is huge resistance with 35.00 support

Volatility Index (VXX) 40-41.00 area to clear

Junk Bonds (JNK) Confirmed recuperation phase-102 resistance

LQD (iShs iBoxx High yield Bonds) Money rotated into junk and out of high grade-but still sideways