Markets slumped at the opening today, gathered some stream midday, then fell later to finish lower but off worst levels of the session. The Nasdaq lost 1.1% today but did recover 26 handles off the morning sell off low. It found support roughly around the round 3300 level. The S&P 500 fell 1.2%. Both benchmarks are getting closer to correction mode, with the Nasdaq off 6% off its most recent high, with the S&P 500 is 6.8% off of its own recent high. Talking about correction territory, energy almost touched that 10% threshold precisely this morning, but found a bid precisely at its 200 day SMA. Many stock in the space rebounded smartly. APC SWN closed near session highs, and something seems to be brewing with RRC, which recorded a very bullish outside day today, finishing the day more than 4 handles off its intraday low. Semiconductors are showing signs that they want to join the correction conversation. After last weeks outside week losing 2.3%, the SMH is almost 8% off of its most recent 52 week high. Some of the better looking charts in that sector were hit today NXPI and SMTC down 6 and 4% respectively today.

This article requires a Chartsmarter membership. Please click here to join.