Technical Analysis of SPY, QQQ, IWM, SMH

Markets are continuing lower as the pattern of lower highs and lower lows below the declining (red) 5 day moving averages persist. The $SPY and $IWM are coming close to the 50% retracement of the June low to July high, while the $QQQ is trying to stabilize at prior support of 6175-6200 and a 61.8% retracement. We have been concerned about the $QQQ and overall market as the $SMH has been much weaker and is now close to testing its June low.

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