There wasn't a whole lot of action in terms of price movement, but what action there was came on heavier volume and reflected a lack of buyer strength as they struggled to challenge last week's highs. Of the indices, the Dow Jones flashed a 'bull trap' to join another in the Russell 2000:

Trump kicked off the week with some market turmoil, but market participants still seem to consider his presence good rather than bad for the market.  The only exception was the Russell 2000, which sold off and stayed sold off. This has created a 'bull trap' next to last week's 'bear trap'; a neutral setup. For the Russell 2000, a loss of 1,341 opens up for a retracement down to the 200-day MA at 1,233 and the November swig low of 1,156 (which looks a long, long way away). Technicals saw the trend metric +DI/-DI turn negative as the MACD pulled away from a potential trigger 'buy'; shorts should probably be looking at shorting rallies from here.

Friday's action was relatively muted, but really it was all about holding the breakouts generated in the first half of the week. While low unemployment suggests the economy is running close to maximum, it's hard to see when this Trump rally will end. It looks like Trump himself will probably kill it with his immigration policy as skilled workers (H1B, Greencard workers) get caught in the sweep. But until then, with buyers exceeding sellers, bulls don't yet have a reason to worry. The S&P has net positive technicals, with relative performance against Small Caps also ticking higher. Of technicals, On-Balance-Volume is looking the weakest and is likely to be the first to turn negative (and suggest sellers are gaining the upper hand).

After two days of gain delivering broad breakouts, today saw markets stall a little as those gains were digested. Despite this, the S&P was still able to offer a MACD trigger 'buy'.  Relative performance also got a little uptick against the Russell 2000. With technicals all in the green any additional weakness will likely be viewed as a pullback buying opportuniy