With the tension of tariffs easing a little, markets now face a new challenge with Israel-Iran hostilities. But even with the retest, we still have key markets participating in bullish advances from April lows, and these tensions don't change this. The Russell 2000 ($IWM) dropped back to test combined March and May swing highs. This test was combined wth 'sell' triggers in the MACD and On-Balance-Volume, but stochatics remain in overbought and therefore, bullish, conditions.

Not a headline to drive clicks, but this is the reality of the market. The Russell 2000 ($IWM) closed with a narrow range doji just below its 200-day MA. The indecision suggests the 200-day MA will act as resistance, but the index is playing off a breakout.

We are starting to see the strength triggered by Trumps tariff reversal feed into weekly timeframes and improve the long term forecasts for markets. Both the Semiconductor Index and Russell 2000 ($IWM) have cleared declining channel resistance on fresh breakouts as both the S&P and Nasdaq continue to shape V-reversal on weekly timeframes. I like the action in Semiconductor Index. It was looking very indecisive during the second half of 2024, and when it broke south it looked like bears were to have their day. Instead, buyers stepped into to defend the 200-week MA and the index hasn't looked back since. Friday's close above the downward channel should help the index challenge all-time highs before 2025 is out.

Indices are still holding to their (pending) breakout, although the Semiconductor Index is playing the primary lead as it keeps its head above water on net bullish technicals.

After weeks of back-and-forth it looks like bulls are about to kick on off the back of a solid day of buying. The Nasdaq had the best of the action as it edged above its handle, leaving it in a zone to go challenge 20,000. The MACD is holding to a 'sell' signal, but is close to a new 'buy' signal and a return to net bullish technicals. This is looking very positive for the index, and only the lack of accumulation volume is a (mild) negative.

The reversal following Thursday's strong open shows bulls aren't willing to take profits yet. The Russell 2000 ($IWM) holds onto 20-day MA support with a new 'sell' signal in On-Balance-Volume to build on the earlier 'sell' signal with the MACD. The S&P finished with a bullish cross in the 200-day MA, by the 20-day MA as Friday's options expiration inspired volume closed with a doji. Technicals show a 'sell' trigger in the MACD as the weakness in relative performance to the Nasdaq slows. The Nasdaq also finished with a doji that successfully defended last week's early week gap higher. As with peer indices, we have seen the degredation of net bullish technical strength with a 'sell' in the MACD. The Dow Industrial Average has 'sell' triggers in the MACD and On-Balance-Volume as the index itself trades just below its 200-day MA. Monday offers an opportunity to push into the space towards all-time highs. ...