First, I have to say that when you get a clean bear flag like the SOX index down to $5600, which I called out Monday, “Semis (SOX +0.4%) gained a little, but made no forward progress. SOX (10m) has a small bear flag that has a measured move down toward

*** I wrote most of this post as of closing data but as I’ve been writing Israel has launched an attack on Iran. Rather than e-write the entire post, I’ll leave it as it is/was and note any areas in the post where I was aware of that information in

My call yesterday was, “the S&P is near the top of my anticipated range, but the price action in the dollar and yields suggests to me that price is likely to come down from the top of the lateral range.” (2H) – And so it was. The S&P traded up