Low Key Losses Change Little

Aside from the Nasdaq which broke through rising channel support, other indices remain caught along breakout support. 

The Nasdaq is on a 'sell' trigger in the MACD and a relative underperformance against the Russell 2000, but it has already outside of its rising channel where an opportunity to accelerate losses has not yet been taken. 

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The S&P had registered a small breakout before it drifted back to support. However such support remains in play despite today's loss and with technicals net bullish there has yet to be a 'sell' trigger which could encourage a more pronounced downside. 

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The Russell 2000 is holding to support which is also its 200-day MA. The breakout hasn't yet materialized but it remains in a good place to do so. Today's loss did not reverse the relative outperformance for this index relative to its peers. 

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We have another day to wait for a reaction in the indices, but we have seen an extended period of flat action in the index which matters most to secular bulls, the Russell 2000. 

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