Analysis of the Russell 2000 (824.20): I consider Wednesday's QE4 reaction high at 837.29 as a failed test of my annual pivot at 836.15. The QE3 high was 868.50 set on Sept. 14. The daily chart is overbought and the weekly chart stays positive with a close today above the five-week MMA at 815.81. My monthly value level is 786.64. Analysis of the PHLX Semiconductor Sector Index ( SOXX) (383.67): I consider Wednesday's QE4 reaction high at 391.29 as a failed test of the 200-day SMA at 389.36. The QE3 high was 410.82 set on Sept. 14, which is well below the year to date high of 444.96 set on March 27. The daily chart is overbought and the weekly chart stays positive on a close today above the five-week MMA at 375.58. The 200-week SMA is a major support at 361.44. At the time of publication the author held no positions in any of the stocks mentioned.Follow @SuttmeierThis article is commentary by an independent contributor, separate from TheStreet's regular news coverage.