Yesterday was a day where the status quo was the end-of-day result after Monday's selling. This is set up nicely for a rally today, even if some indices lack a natural support level to work off. Also favouring longs is the lighter volume selling which accompanied yesterday's action. The S&P is net bearish at a technical level, but may find some traction at a minor swing low of 2,067.
The NASDAQ finished at bearish wedge support. The doji recovered enough ground to mark a spike low. If there is a concern, it's that volume rose in confirmed distribution.
The Russell 2000 had a quiet day. It's caught in the range of recent days, enough to redraw the channel which had earlier suggested a bullish breakout.
The Semiconductor Index tagged the 50-day MA, which is looking like a good place for bulls to mount a challenge.
For today, premarket action should be a good guide. In the absence of key economic data, look for premarket levels near yesterday's closing price to kick start the rally (and collectively, a bullish morning star).
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U.S. Markets: Decline Pauses
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