Modest Losses

Bears took it upon themselves to press their advantage into the close of business. Selling volume was light and lacked the conviction that had accompanied the rout of the previous week.

The S&P is caught in a no-mans land, with a retest of 1,867 likely needed at some stage to rebuild confidence on bulls.

The Nasdaq has so far honored resistance at 4,825. Little else to say other than that.

The Nasdaq 100 did likewise, but hasn’t done enough to confirm bears are in control.

Small Caps closed with an inside day and a small doji. As with other indices it’s caught in a bit of a no-mans land, but it is enjoying a relative strength gain against Large Caps and Tech indices.

The Semiconductor Index continues to stage its V-Recovery, having experienced the worst of the selling in recent months.

For tomorrow, look for bears to turn the screw, although I suspect buyers will step up in numbers well before we get to last week’s spike lows.