There wasn't a whole lot to today's action except for further gains in the Semiconductor Index. Relative performance is positive and technicals are all in the green.

The rallies of last week continued with low volume gains. For those looking for new trade opportunities, there are potential near-term shorting trades available - or a chance to take profits for existing long trades. The S&P tagged channel resistance despite net bullish technicals. The gains were small but resistance has been tagged in what could mark a reversal play.

Large Caps continued to press Thursday's advantage with gains to send indices towards recent swing highs. The S&P remains on course to reach channel resistance and post new highs with technicals net bullish and relative performance in the ascendancy against Small Caps.

Just when it looks like Shorts have a handle on this market bulls go and Make America Great Again.  Market rallies undo much of the weakness over the last three days and give bulls something to play with. Although bulls are not yet out of the woods. The Semiconductor Index was my bearish choice for today and the index logged a 1% gain. While it didn't reverse all of its 'bull trap' it did push markets away from its 200-day MA; action since last June has been scrappy but it has managed to edge a little higher each day. I would still edge in favor of shorts but another day like today would end this and set up a challenge of triangle resistance.