Nothing in the charts suggests the market is altering its latest southern course.

Semiconductors have been the bellwether to this correction, which is typical. We might expect to see them reverse course ahead of the broader market.

The 200-day moving averages are the next downside targets for the major indexes.

Stay defensive. If the bull returns we’ll expect to see a whole new set of charts to ride along with the wave.

All the thinking and anticipating in the world doesn’t matter when you’re dealing with Mr. Market, who will always try to surprise.