While little happened over the last couple of days since the breakouts, enough was done to hang on to these gains. Tech had the best of the action, pushing away from support and consolidating the bullish position. Volume wasn't spectacular but not surprising given the summer season.

The week finished with some tasty looking breakouts in Large Cap and Tech Indices. Best of the action was given over to Large Caps with volume perhaps the most disappointing aspect of these breakouts. The S&P closed the week out with a respectable breakout on a new ADX 'buy' trigger. This followed a MACD trigger 'buy' earlier in the week. Monday will be about defending 2,450 and staying above that mark at close of business. Long traders should play for a move to upper channel resistance.

Two days of gains have helped re-establish the bullish technical picture for tech indices, Nasdaq and Nasdaq 100. While the improvement was welcomed it didn't come without a price. The Nasdaq broke through declining resistance but also left it itself wedged beneath the former rising channel.  If there is a chance for shorts, then tomorrow could be it.

Since my last update, there was a significant break and piecemeal recovery across many markets. Not all markets suffered to the same degree and new leadership could emerge. The Semiconductor Index made steady gains after suffering the largest profit sweep in June. The bearish engulfing pattern remains the dominant pattern but the index managed to return above the 20-day and 50-day MAs (not to mention, the former rising channel). Relative performance improved against the Nasdaq 100 but it hasn't yet challenged the 'bull trap' created after the bearish engulfing pattern.