It was generally a quiet day for the indices but the Semiconductor Index added another 1.5% as money continued to flow into Semiconductors. Today's gain leaves the index up against resistance and ready to breakout.

While not one of the primary indices, Semiconductors experienced a strong day of gains - backed by strong technicals. This index is well on its way to shaping a new rally for 2017, following through from the rally kicked off on Trump's election. Bulls have their index to follow for the summer.

Trump's Russian shenanigans didn't move the market as much as such actions in the past may have done but not all markets escaped such interest. The Russell 2000 took the brunt of Friday's selling.  The 'bear flag' off former support, now resistance, followed through lower to bring the index back to a flat-lined 50-day MA.  Technicals are mixed with 'sell' triggers in the MACD and +DI/-DI. Relative performance accelerated lower after months of underperformance. Small Caps are key bull market leaders but there has been a distinct lack of interest from buyers for the last 6 months and this is not good news for other markets.

It was probably too much to ask for an election result which is closer to maintaining the 'old' status quo than spark anything radical. However, it does offer continuity for markets which should prove favorable down the road. While there was little reaction to the result, markets continue to maintain their bullish stance. The S&P is above its trading range and holding its breakout with a narrow doji. Volume remained light in line with Friday's.