Quiet Friday helped maintain indices breakouts
Friday's action in the indices didn't do a whole lot, but what it did do was help carry last week's breakouts through the weekend. The breakouts were fairly modest and overhead resistance in the shape of 200-day MAs is still a concern for some indices, but last week's action is favorable for bulls. Tech indices were the primary driver last week with the Nasdaq clearing declining resistance with a decent looking breakout on higher volume accumulation; better still is the sharp advance in on-balance-volume - a sign of sustained interest from Big Money to participate in this rally. The Nasdaq does enjoy a relative performance advantage against the S&P, the question is whether it can sustain it. It still has the 200-day MA to overcome but momentum and short term traders may still be able to eke out a trade on a test of this key long term moving average.