There wasn't a whole lot to today's action other than maintaining the run of gains.  Semiconductors were again the leader of markets, which helped the Nasdaq and Nasdaq 100.

There wasn't a whole lot to Friday's action, but best of it was given over to the Russell 2000. The Russell 2000 cleared its 200-day MA in a near 1% gain. Technicals are net bullish and any short positions will have been cleaned out by the close above the 200-day MA. The question now is whether the rally off March's low can build a rally continuance, but the initial signs are good.

Aside from Semiconductors there wasn't a whole lot going on today. However, Semiconductors did have a very strong day with the negation of the two-bar reversal. The gains returned a new high in relative performance to the Nasdaq 100 with a return of the MACD trigger 'buy'. Following earlier action this week it's a big change on the declines of last week.

The S&P rally from December lows had consolidated through February but today's gain put an end to that consolidation. The breakout came with a 'buy' trigger in On-Balance-Volume. Relative performance against Small Caps took a tick higher; a mixed signal, rally is defensive until proven otherwise.