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Today, I want to get right down to the technical analysis with some actionable plans. It should not come as a surprise to see the indices diverge even further than where they have been over the last two months.

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Retail (XRT) has been clinging to support at the pivotal 74.75 level. That means that this week, XRT must hold that level and get back above 76.00 to instill confidence. The Russell 2000 (IWM) (along with XRT in weekly accumulation phases) must hold at the past week's lows or around the 198 point.

Plus, if IWM can get back over 202, with stories of how undervalued small-caps are, we could begin to think perhaps they are undervalued enough.

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On the flipside, here are indices causing us more concern.

Transportation (IYT), a sector many have been talking about, has closed the week below the 50-week moving average. If IYT cannot recover this next week, I would be hard pressed to load up on equities right now -- and I mean any equities (although commodities could be a different story).

Regional Banks (KRE) have also broken the 50-week moving average for the first time since last December. That could be a huge warning, as bank failures may not be off the table. Nonetheless, we will watch to see if KRE recovers this coming week.

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Biotechnology (IBB) still intrigues me. While yet to clear the 200-week moving average, IBB remains steadfast as it continues to hold the 135 area. If IBB can pop over 138 and stay there, I imagine we could see more upside. I have a few biotech drugs on the radar.

Next, there is Semiconductors (SMH). This space appears to have wings, but for how long? 

If fellow indices hang tough or rally from here, we will likely see no topping pattern in SMH. However, should we see more weakness, then a move under 240 would be a warning.

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Our last asset to look at is Bitcoin. I don’t love that it closed the week (note that it does trade 24/7) under 66,000. And on a daily chart, it looks like a double top is possible.

On a weekly basis, the price is fine. But the 50-week moving average is far from current levels. Bulls do not want to see 45,000. If BTC could take out the recent highs, that would be another story. However, under the 60,000 threshold, 45,000 would be a reasonable next target.

By the way, all this accompanies Long Bonds (TLT), which have cleared the 50-week moving average handily. And if they do it again next week, then it's "hello, stagflation" for real, and maybe a stepping stone to recession

ETF Summary

• S&P 500 (SPY): 545 target sticks and will look uglier under 532
• Russell 2000 (IWM): The 198-202 area is the tightest range to watch
• Dow (DIA): Back in a warning phase, so another key to the puzzle is not looking so hot
• Nasdaq (QQQ): At all-time highs yet again, which is still hard to argue with
• Regional banks (KRE): I am watching the 45-50 range carefully
• Semiconductors (SMH): Unless this breaks through 250, it appears strong and on all-time highs
• Transportation (IYT): Broke the 200-DMA for an unconfirmed phase change to distribution
• Biotechnology (IBB): 135 support 140 resistance will bring eyes here this week
• Retail (XRT): Hanging onto the 50-DMA like its life depends on it
• iShares iBoxx Hi Yd Cor Bond ETF (HYG): The caily chart has left an exhaustion gap top. Not all together broken yet, but worth watching

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