Refer to the charts below, they are constructed with 65 minute candles and show a 5, 10 and 20 day simple moving average.

$SPY- back above declining 5 dma (red) but up to trendline from late September. Prior support became resistance just above 169 and has potential to be resistance again. Best scenario here would be some pullback down towards the 5 dma near 16725 to create a higher low and then rebuild momentum to attempt break of resistance. This is a scenario which would take a couple of days to setup. Breaking back below 16700 would put the recovery attempt in jeopardy.

$QQQ- prior band of supportbtwn 7825 and 7850 is now likely level of resistance which will require some time to work through. A pullback which creates higher low near 7750-7775 would be good to see.

$IWM- is currently battling with prior band of support between 106-10650, a pullback down towards 105 would be good scenario for continued recovery.

$SMH- impressive rally back into prior consolidation area of 3975-4050. Strength in semis bodes well for the rest of the market but it is too early to say whether it can continue higher. We will likely need to see some further consolidation in this area before a breakout could be sustained.

Caution still warranted and news headlines will continue to make trading more erratic.