Markets finished down on Friday, registering distribution for the Russell 2000 and S&P, but not for the Nasdaq. From a support perspective, there undercuts of the 20-day MAs for the S&P and Nasdaq, with the Nasdaq finishing on its 50-day MA.

While the S&P (SPX) has drifted below its 20-day MA it hasn't yet undercut breakout support of 4,450 or got to its 50-day MA at 4,406. So while last week's headlines may have pointed to troubles in the market, we haven't seen any significant loss in support.   There are technical 'sell' signals in the MACD, On-Balance-Volume and ADX.

The Russell 2000 (IWM) finished at its 20-day MA and is still inside the rising channel. Technicals have moved more bearish with the MACD, On-Balance-Volume and ADX net negative, with only momentum on the bullish side of the fence.

While markets had somewhat disappointing close to the week, indices remain inside rising channels and their designated trailing support.  As long as these upward trends remain, what happens between channel support and resistance is of little consequence. 

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