Friday's action was a case of status quo but Monday pushed things more towards bear's favour; the series of doji and one gravestone doji are more in line with a swing highs. It does give a bulls a chance to negate what are typically bearish signals, particularly as these rallies are still relatively young. The gravestone doji manifested itself in the Semiconductor Index. While today's action also marks a short term breakout it's looking more likely to be a swing high; look for a gap down tomorrow (to leave a potential bearish 'evening star').

Not every day can be a headline day and Friday was one of those days. the only action of note was the breakout in the Nasdaq Summation Index. Technicals aren't fully bullish but the consolidation breakout should help the Nasdaq and Nasdaq 100.

The S&P, Dow Jones Index and Russell 2000 all delivered clean breakouts on bullish technicals. Best of the Breakouts was probably the Russell 2000.  The only disappointment was the relative loss against the Nasdaq. However, the index is ready to challenge January highs and resume the prior bullish trend.

Despite the exit of U.S. from the Iran Deal there was no real damage done to the market. In fact, some indices are well positioned to benefit. Best of these looks to be the Russell 2000. Today's close left the index right against triangle resistance with a fresh MACD trigger 'buy' along with a similar trigger for the +DI/-DI.  This helped tick relative performance in Small Caps favour.