There wasn't a whole lot of action during the cash market session as indices held on to most of their pre-market gains. The only index to come up short was the semiconductor index. It confirmed a wedge breakdown, and it's looking increasingly likely a double top is in play. A retest of the 200-day MA would appear to be the favored outcome going forward.
 

The S&P hasn't quite negated the 'bull trap' and the risk is a triple top if this weakness in the Semiconductor Index spreads to the Nasdaq, Large and Small Caps. The technical picture remains okay plus it looks to be enjoying the start of a relative advantage against the Russell 2000.
 

The Nasdaq is looking vulnerable given Friday's action in the Semiconductor Index. Watch for a potential bearish 'shooting star'.
 

The Russell 2000 was looking good towards knocking its 'bull trap' on Thursday, but Friday's action left it back at its 20-day MA and near channel support.
 

For Monday, look for a weak start as indices struggle to breakdown resistance, and the one strong index in the Nasdaq is negatively impacted by the selling in the Semiconductor Index. If sellers do make their presence felt, watch how trendline support plays out.