Market Sentiment: Sector Breadth

Utilities cut from the pack.

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Markets attempt a swing low for the seven day decline

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It looks like we have completed a zig-zag retracement for indices, with the Nasdaq and Russell 2000 finishing the day with a second doji for the 'zag' to match the intial doji of the 'zig'.  There were additional support levels for indices to use too.  For the Nasdaq, today's 'dragonfly doji' also has the potential to form a bullish harami doji - building off the 20-day and 50-day MAs. There was a 'sell' trigger in relative performance against the Nasdaq, along with 'sell' triggers in the ADX and On-Balance-Volume. 
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Low volume selling after Russell 2000 breakout

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Yesterday finally delivered the long awaited breakout in the Russell 2000 on higher volume accumulation.  Today saw some low key selling on lighter volume, but the selling was not accompanied by distribution. The Nasdaq still offers net bullish technicals, but today's selling kicked in on the test of its 200-day MA. Yesterday's buying did count for accumulation. 
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Minor losses pressure Thursday's reversal attempt

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I was looking for more from Friday's trading action as sellers were able to prevent buyers from gaining any traction over the course of the day.  A soft open got softer as the day progressed and the week finished with markets now looking vulnerable to a gap down open on Monday.  If there was a positive it was that selling volume was light, but there was further technical degradation by the close. This was perhaps hardest felt in the Russell 2000 ($IWM), which sold off by less than 1%, but there was enough weakness to see a 'sell' trigger in stochastics to turn technicals net bearish for the index.  There is a support level around $192.85 which needs to hold if the index is to continue a sequence of higher highs - higher lows from the February bottom.
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