Sellers brought with them volume, but only the Russell 2000 finished the day with a breakdown. The Russell 2000 is trading within a larger, and more significant consolidation, but today's break ends the July-September rally, or at least broadens it. The presence of key moving averages offers additional support to work with, first of which is today's test of the 50-day MA.
![RUT Daily Chart RUT Daily Chart](https://d1-invdn-com.akamaized.net/content/pic350b8016b0738939e6a54881389729dd.png)
The S&P 500 is down at 1,987 support and the 20-day MA. Higher volume marked distribution, but the breakout is intact.
![SPX Daily Chart SPX Daily Chart](https://d1-invdn-com.akamaized.net/content/pice8da25342717f84af74799343962c1d5.png)
The Nasdaq had the quietest day, but today's distribution didn't break any low. There is a MACD trigger 'sell' which may offer shorts something with a stop above 4,610. The 20-day MA will be the first port of call on the way down and a gauge of sideline money.
![COMPQ Daily Chart COMPQ Daily Chart](https://d1-invdn-com.akamaized.net/content/picd998f0c3874b9c43d6204dbb9261ac3a.png)
As a sidenote, the Semiconductor index did lose out and confirm the bearish inverse hammer. The 20-day MA is still some distance below, so this is the index most likely to suffer additional losses.
![SOX Daily Chart SOX Daily Chart](https://d1-invdn-com.akamaized.net/content/picc585dd9a6853082fd35adec2ddd6c339.png)
For tomorrow, look for follow on losses in Semiconductors, with undercuts of trading ranges in the Nasdaq and S&P. The Russell 2000 has already lost out, so it's hard to see it suffering a second day of losses given the proximity of converged 20-day and 50-day MA support.