NASDAQ AND TECH STOCKS REMAIN ON THE DEFENSIVE -- SEMICONDUCTOR ETF REMAINS BELOW 50-DAY LINE -- SMALL CAPS WEAKEN

THE NASDAQ MARKET REMAINS ON THE DEFENSIVE...The Nasdaq market remains on the defensive.    Chart 1 shows the Invesco QQQ Trust meeting resistance at its 50-day average.  That's mainly because of weaker tech stocks.   Chart 2 shows the Technology SPDR (XLK) trading below its 50-day line as well.  Semiconductors are in a similar situation.   Chart 3 shows the VanEck Vectors Semiconductor ETF (SMH) also meeting resistance at its 50-day average.   Some individual chip stocks, however, like Applied Materials (Chart 4) and Lam Research are trading above their blue lines.  The Dow is trading higher while the S&P 500 is modestly lower.   Seven sectors are in the black led by Energy, Materials, and Industrials.  The three sectors in the red are communications, consumer discretionary, and technology.   The 10-Year Treasury yield is down 2 basis points today to 1.61% but isn't providing support to tech stocks.   Small caps stocks are also weakening. Chart 5 shows the Russell 2000 iShares trading below their 50-day average for the second day in a row.