There was not much positivity to yesterday, even though the supports for key indexes managed to hold.
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 predicament to the Russell 2000 ($IWM), but it's not struggling below its 200-day MA, but is trying to hold on to January swing low support; should this fail, then the 200-day MA is the next port of call.
After losing its 'bull trap', the S&P 500 is now back inside its prior trading range on a mix of technical strength.
It's a long way from the January low and its 200-day MA, making it the index most likely to attract buyers when the return.
The index is now sharply outperforming the Nasdaq and Russell 2000 ($IWM), something it has struggled to do in the past.
Finally, the Semiconductor Index is getting close to a decision point around 4,850; lose this level and the September swing low comes into play.