It was a good day for indices as early weakness gave way to sustained buying into the close. There was early morning weakness to set the tone but it didn't last. The one index to rebuff this was the Russell 2000.  After yesterday's respectable finish the index went on to rally back to its 50-day MA. The gains in the Russell 2000 were enough to trigger a 'buy' in the relative performance against the Nasdaq and MACD trigger 'buy'. Momentum buyers won't join the fun until 1,393 is breached, so another 20 points of gains could be on the cards before supply becomes a problem.

There wasn't the reaction two days of narrow trading had presented into Monday's open, but the Russell 2000 made a good attempt at trying to rally.  However, it tagged the 50-day MA, then headed back to its starting point.  The only change on the day was the MACD trigger 'buy'.  With two spike highs in less than a week the next move to look for is a challenge on the 'bear trap'.

Very little to say about Friday's action; tight intraday spread on low volume was not going to send the world alight. The only index to post a modest gain was the Semiconductor Index. The Semiconductor Index rallied from a minor support level marked by the big-one day loss in March (with a low of 986), but the rally was made away from channel support and never challenged the 20-day MA.

Sellers swoop in afternoon trading to whip nascent demand built after a positive open.  The sell off was attributed to an indecisive Federal Reserve , but profit taking can occur at any time when an extended series of small gains is undone by one big day of selling.  Volume rose in confirmed distribution. The index most vulnerable heading into today was also the one to suffer most at the hands of sellers. The Russell 2000 suffered a big hit as it dropped over 1%, moving away from its 20-day and 50-day MAs. The 'bear trap' hasn't been negated, but it's under pressure. The Nasdaq came back off resistance without registering an attempted breakout. The potential MACD trigger 'buy' failed, although other technicals are still okay. The S&P experienced a bearish engulfing pattern as it turned away from nearby resistance. It too registered distribution and technicals are weakening. Further selling is looking probable here. Interestingly, the Nasdaq