There wasn't a whole lot to today's action. Weakest of the indices, the Russell 2000, may be offering shorts a second bite of the cherry following a rebuff off the 20-day MA, but it was not a decisive reversal. Semiconductors have so far failed to challenge the February high and this weakness may make its way into the Nasdaq and Nasdaq 100 which are faring slightly better.
The S&P 500 (along with the Dow Jones Industrial Average) had a quiet day. A very narrow doji following yesterday's 6-month high keeps the rally going and the 200-day MA is there to lend support.
The Nasdaq posted a small loss but didn't change the bigger picture. Today's action in the Semiconductor Index is probably more important for this index but tomorrow is another day. Aside from the MACD all other indicators are bullish.
The Russell 2000 lost a little ground but it's looking like the rally is running out of steam. Like the Nasdaq, we have 'sell' trigger in the MACD but other technicals are bullish.
The Dow Jones Index lost channel support before it successfully defended its 200-day MA. It's now finding resistance at its 20-day MA with bearish technicals for the MACD, On-Balance-Volume and DI+/DI-. It's not necessarily a short but I would be looking for further weakness.
For tomorrow, keep an eye on the Russell 2000. Action here will spread to Large Caps and Tech indices, although the latter will be influenced by the Semiconductor Index.