A day when buyers took over the reins and didn't look back all the way to the market close. The only speed wobble was the light volume in the markets for an almost 3% gain on the day. For the S&P there was even a nascent 'buy' signal in the CCI.

($SPX)

Selling in the semiconductor index dominated the day as any hope for a bull trap (and therefore an opportunity to prevent similar breakdowns in the Nasdaq and Nasdaq 100) rapidly turned to smoke. The semiconductor index is going to need at least a 14 point gain (4%+) to give bulls any chance of making a stand. Even then, the 20-day and 50-day MA are available to add supply to the market. Note the sharp drop in relative strength to Nasdaq 100 once the 200-day MA broke. The tentative bullish technical development in the CCI is likely to disappear on another day of selling.

Insight on currencies and commodities, with Boris Schlossberg, GFT Forex, and Peter Beutel, Cameron Hanover.

Traders are reacting to this morning’s adjusted GDP report which shows slower growth than originally reported…

Gross domestic product, the value of all goods and services produced, rose at an annualized seasonally adjusted rate of 1.6% from April to June, the Commerce Department said Friday…

Thanks to Newark Air Traffic Control it has taken 3 days to return from the US, so here is a belated market review for Thursday. While overall market action has kept with range-bound trading, semiconductors have succumbed to selling pressure, breaking the July anchor support (which is support for the Nasdaq and Nasdaq 100) as the Russell 2000 (Small Caps) also feels the heat.