Little to salivate over today in terms of pure price action so far….although we are dancing on the edge of a samurai knife here with a massive 30 point gap below and lots of air pockets above to fill as well. Something will give soon.
The environment here remains lethal so stay away from it if you can, please. We can move 20 handles (points) in the S&P 500 very quickly and without much effort.
Look at the weekly chart of the SMH (semiconductors), and note the churning below resistance. Intel's (INTC) lower guidance today isn't helping this group of stocks…a break lower here would be a telltale for broader markets.