With Trump Trade Wars in full swing, markets were remarkably sanguine. It's still a mixed bag of bullish potential in the Russell 2000 and bearish malaise in the Semiconductor Index. Having said that, it wasn't a great day in the Russell 2000.

The Russell 2000 gave back most of yesterday's gain and is set for a push below 1,521. If this happens it will set up for a new swing low and confirm a new channel trend lower. Technicals do not inspire as it also lost relative ground against the S&P.

The Semiconductor Index suffered most of its losses on the opening gap down, and it's now down to the 200-day MA to provide the demand buying which has been lacking since the reversal in April.

The S&P undercut the 50-day MA and is struggling to regain it. However, the loss hasn't delivered the one big day which would confirm the moving average break. Technicals are bearish but not oversold, which is good news as a crash is unlikely, but drip losses could continue.

The Nasdaq is in a similar position to the S&P but is a little further away from its moving averages. A loss of 7,670 brings into a play a new swing low and the possibility of a new downward channel.

What goes for yesterday remains the same today. The only change is a certain loss of confidence in the Russell 2000 being a lead-out for bulls. However, there is still plenty of room for bulls to stage a recovery.