After breaking out of a bearish rising wedge, the SPY corrected to the first minor support level and bounced in the last hour to trim today's decline. The Nasdaq corrected more sharply on higher volume resulting in a distribution day. Most technicians expect a retest of SPX 1340 (former resistance) to come into play.
The SMH retested resistance and is now pulling back on light volume which is constructive. Bullish gap support might be tested.
The beaten down $USD is forming a tiny base. This could lead to an oversold technical bounce and move back towards the downsloping trendline.
Th parabolic SAR signal for silver ishares triggered yesterday as depicted on the chart above. High volume selling over last two sessions.
Today's Trades
When I logged into my broker account this morning, there was a bulletin advising of an increase in margin requirements for silver derivatives.