Semiconductors Breakout

Aside from Semiconductors there wasn't a whole lot going on today. However, Semiconductors did have a very strong day with the negation of the two-bar reversal. The gains returned a new high in relative performance to the Nasdaq 100 with a return of the MACD trigger 'buy'. Following earlier action this week it's a big change on the declines of last week.

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S&P closes at new high; Shorts to cover

The S&P rally from December lows had consolidated through February but today's gain put an end to that consolidation. The breakout came with a 'buy' trigger in On-Balance-Volume. Relative performance against Small Caps took a tick higher; a mixed signal, rally is defensive until proven otherwise.

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Large Caps recover as Small Caps run into resistance at 20-day MA

Friday offered Large Caps a little boost which helped generate a breakout in the Dow Jones Index. Small Caps were not as lucky as the 20-day MA turned into resistance. The Nasdaq bounced off its 20-day MA in what looks to be favoring the bullish picture.

Large Caps, led by the Dow Jones Index, broke from the consolidation pattern. Volume rose in accumulation and the MACD is on the verge of a new 'buy' trigger above the bullish zero line.

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Small Losses Keep Back Recovery

Today was unable to build on the nascent two day bounce, losing ground and pushing in on Monday's lows.

The S&P is trading back at its 20-day MA with 'sell' triggers in the MACD and On-Balance-Volume. Not surprisingly, relative performance has pulled back but is still well ahead of its peers.

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