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This past week dip buyers saved the market from breaking lower.
Retail (XRT) and Regional Banking (KRE) sectors cleared back over resistance from their 50-Day moving averages followed by the Biotech (IBB) clearing back over its 200-DMA.
However, the small-caps Russell 2000 (IWM) and Semiconductors (SMH) were still underneath their 50-DMA.
Luckily, they were holding support from their respective trading ranges.
Moreover, SMH was back within its trading range from mid-March, while IWM has been stuck roughly between $215 and $230 for over 3 months.
With that said, the next positive sign to look for is follow-through from new buyers in this week.
If fresh interest does not enter the market, we could be looking at a choppy situation as the market tries to find its direction.
Furthermore, from a trading standpoint, this leaves us with a few options as a choppy market can flip direction quickly.
Of course, there is always the option to do nothing if you want to wait for more market clarity.
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