Sellers brought with them volume, but only the Russell 2000 finished the day with a breakdown. The Russell 2000 is trading within a larger, and more significant consolidation, but today's break ends the July-September rally, or at least broadens it. The presence of key moving averages offers additional support to work with, first of which is today's test of the 50-day MA.

It wasn't a stellar day, but Tech and Small Caps started to deliver on Friday's promise. The S&P experienced mild losses, keeping itself within the boundaries of its narrow trading range. However, S&P technicals favour bulls.

After a week of drip losses, bulls came back with a bit of a flourish to finish the week on a positive note. The Semiconductor Index didn't offer bears a sniff of an opportunity. The inverse hammer from Thursday could have delivered a short position had it undercut the Thursday low, but this didn't happen; instead, it just fell shy of clearing 652 - the July swing high.  A break of 652 is looking more likely for the week ahead. Watch for a new consolidation handle off 652 resistance before the push higher.

After a series of relatively narrow intraday spreads, today was a day when the spread widened.  It didn't change too much technically but it's a worry given bulls had started the day so brightly. There are longside opportunities available.  The Russell 2000 brushed against lower channel support and will offer a buying opportunity if the channel holds.

Another day of relatively modest action, although the S&P did finish with a bearish inverse hammer which may lead to further weakness tomorrow. A retest of 1,987 would still honor the trading range delivering a down day, but keeping the larger bullish picture intact.

There wasn't much to say after the long weekend. The Nasdaq added to Friday's gain with another narrow day of higher volume accumulation. The gain was small, but as part of the rally from the August swing low it's currently up 6.3%. Technicals are good, and not suggesting any immediate weakness is forthcoming.

Markets finished Friday on a flourish with a close at, or near new highs. Volume climbed to register an accumulation day, which keeps thing ticking over in favor of bulls over the long weekend.  The Semiconductors had the best of it, although these gains were posted at the open.

Charts are turning into a scatter plot of doji. Today's losses didn't violate support and trading volume was light. Little to worry about here. The Russell 2000 took the largest loss, but it's secure above its 50-day MA. The index is trading within a rising channel with a number of support levels, including the 50-day MA, to look too.

Whereas yesterday offered a spark of life from the Russell 2000, today offered little. The Russell 2000 gave back a little of the ground it made yesterday, but not enough to negate the gain.

There wasn't a whole lot of action in the indices today.  The only index to come out with anything was the Russell 2000. I thought we would have seen today's gain yesterday, but it was welcome all the same. Today's gain for the Russell 2000 also resulted in a return of the net bullish technical picture.

There was still a little doubt in today's action with the bulk of the gains coming on the morning gap. However, it did mean the brief pause from Friday was negated by today's push higher. The S&P made a challenge on 2,000, but it wasn't able to stick the move higher. Volume was lighter, reflecting a drop in buying interest, but with new highs for Large Caps and Tech indices it's hard to see past the bullish picture.

Friday's action marked a balance between bulls and bears. Tech and Small Cap indices finished with indecisive doji, marking a swing trade opportunity; buy/sell break of Friday's high/low with a stop on the flip side. The S&P and Dow closed lower, but not enough to suggest bears finished the day in control. The losses in the S&P weren't enough to trigger a 'bull trap', so the long-side play is still favoured.  Selling volume was also down on Thursday's buying, another reason to suggest bulls have control.  Technicals remain net bullish.

It was the only index with something to play for today, and that play was bullish. The S&P nicked a close above 1,992, which leaves it vulnerable to a 'bull trap' tomorrow. Other aspects, like technicals, are bullish, which keeps the long side favored in this market.

It was more of the same from the Semiconductor index: a solid gain which took the index ever closer to 652 resistance. All of which is helping the Nasdaq and Nasdaq 100 maintain their push to all-time highs. Technicals for the Semiconductor Index are net bullish.  Weakness will offer itself as a buying opportunity, particularly at the breakout line and/or 50-day MA. Risk can be measured from the 38.2% fib retracement at $616.25.

A further acceleration in the rally took indices past key moving averages and into a space with limited overhead resistance. One of the indices hardest hit by the sell off was the semiconductor index. While it hasn't challenged July highs it did close above the neckline and 50-day MA. Technicals also finished today net bullish.

Well, half of what I suggested might happen, happened. The Nasdaq effectively limped a breakout, but the Dow had a far more enthused push higher. If there was a red flag for either of the breakouts it was the lack of volume, but given the extent of the moves there is room for some give back while maintaining the breakout. The Dow closed bang on its 50-day MA, which is another resistance level, but the breakout is of greater significance than resistance at its 50-day MA.

Ukrainian fears (mis-information) knocked Friday's morning rally before markets staged a recovery by the close. Sellers are likely to remain trigger happy but bulls have been willing to snap up these sell offs. Volume climbed to register distribution in non-Tech indices, but the August bounce from swing lows remain intact. The S&P closed between the 20-day and 50-day MAs, but with a bullish cross in stochastics and a new MACD trigger 'buy'.

Another day to leave excluded bulls wishing they had bought last week. Tomorrow will offer opportunities for bears to take advantage, but not all indices are in the same shape. The S&P is one such index which will find itself under the influence of bears on Friday. Today's rally took the index up to its 20-day MA, which just 'Death Crossed' below the 50-day MA. Near term momentum is with bulls, but if there is going to be a change then tomorrow is a good chance for shorts to show their hand.

Today's buying offset the prior two days of indecision in the markets. The Nasdaq had perhaps the best of the action, rallying past the 20-day MA in a move towards 4,485. Technicals are on the verge of a net bullish switch with an upcoming MACD trigger and On-Balance-Volume 'buy'.

The indecisive finish for the S&P and Nasdaq worked in bulls favor as it didn't bring a follow through to yesterday's selling. The Nasdaq held on to 50-day MA support. Swing traders could look to play a break of today's intraday range.