Another day of relatively modest action yesterday, although the S&P 500 did finish with a bearish inverse hammer which may lead to further weakness today. A retest of 1,987 would still honor the trading range delivering a down day, but would keep the larger bullish picture intact.
The Semiconductor index didn't expand on Tuesday's bearish engulfing pattern, but the inside day is a swing trade opportunity: trade break of high/lows - stop on the flip side.
Like the NASDAQ, the Russell 2000 finished with a bearish engulfing pattern, although the downside target is nearby channel support.
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