With the Dow and S&P 500 just a good upside day away from new highs, it’s the tech-laden Nasdaq that flounders and threatens all as it trades under its 50-day moving average.

The downtrend in Semiconductors ($SOX) is the biggest dragas its 20-day moving average slopes south of its 50-day line, with its 50-day trending below its 200-day.

Meanwhile, expect  earnings season to cause turbulence.

If it weren’t for strength in recent and potential breakouts we’d be bears.