Friday's action saw a small loss against what was a positive week for indices. Volume was light, reflecting a lack of conviction on the part of holders to want to take profits.  Although it was probably more a case of a break in buyer activity, for what was a gradual increase in trading volume for 2020  as Traders work their way back from holidays. The S&P remains in good shape as relative performance picks up the pace. The MACD is a little flat but other technicals are looking good.

Overall, it was a good day for indices despite Middle East tensions.  The margins are small, but the S&P is moving nicely along rising trendline support, while the Nasdaq is running along upper resistance. The S&P is enjoying a relative performance advantage although the MACD has drifted into a 'sell' trigger. Other technicals are good and price action is strong. Volume inched higher as accumulation.

Markets were able to make up some of the lost ground from New Year's early losses. There was no great damage done up to today, but today's action did register as accumulation. For the S&P, the latest rally is from an adjusted rising trendline which was used as support today. However, today's rally wasn't enough to prevent a MACD trigger 'sell'.

It sounds worse than it probably is, but the Russell 2000 dropped from its prior rising support trend but still managed to hold above $162.33 ($IWM) and in all likelihood is moving to a new sideways consolidation pattern - but for now, must be considered a breakdown until price action can be determined. Technicals show a MACD trigger 'sell' and a relative performance loss.