Not a whole lot of positivity to today, even though support held. The Russell 2000 (IWM) showed this best with the undercut of the 200-day MA, then a (double) failed attempt to recover the 200-day MA, but the support level from the 'bear trap' still holds. Technicals are net bearish and there have been two distribution days over the past four days. I can't see 'bear trap' support holding for much longer here.

The Nasdaq is in a similar predictament to the Russell 2000 (IWM), but it's not struggling below its 200-day MA, but is trying to hold on to January swing low support; should this fail, then the 200-day MA is the next port of call.

After losing its 'bull trap', the S&P is now back inside its prior trading range on a mix of technical strength. It's a long way from the January low and its 200-day MA, making it the index most likely to attract buyers when the return. The index is now sharply outperforming the Nasdaq and Russell 2000 (IWM),something it has struggled to do in the past.

Finally, the Semiconductor Index SOX is getting close to a decision point around 4,850; loose this level and the September swing low comes into play.

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