The Russell 2000 lost over 2% as it undercut the 20-day MA in a move which could pull the other indices down with it. The ROC is well below the mid-line and the -DI is on the verge of a bearish cross with its +DI following the earlier lead of the MACD.

It was a day when the tight trading of recent days started to widen (in favour of sellers). The Russell 2000 reversed Friday's gain as the 200-day MA became a more substantial resistance level.  Relative performance against the Nasdaq ticked lower as the index edges towards a new phase of weakness. The marked short trade is still in play with the MACD trigger line acting as a lead indicator to the trade.

There wasn't a whole lot to Friday's action but the main thing was an advance against the tentative weakness which shaped up last week. Best of the action was the Russell 2000 as it gained nearly 1% to bring it back to its 200-day MA  Monday could be a critical for the index; look for a push above this moving average to follow the lead of peer indices. The index is also enjoying a relative performance advantage against the Nasdaq and S&P; so if money is going to flow into an index it's going to be the Russell 2000.

While sellers ticked up their activity there were enough buyers to keep prices stabilized, although supporting indicators have started to slowly rollover.  The one exception was the Semiconductor Index as it started the day at channel support and rallied higher. While the Semiconductor Index rallied off channel support it was left with a 'sell' trigger in the MACD and CCI. Price action is dominant so I have marked a 'buy' trigger at support but use a loss of the channel line as support.