It was another quiet day for indices but the Semiconductor index was able to add over 1% on the day. This also helped post gains to the Nasdaq 100, although there was a relative gain for the Semiconductor Index against the latter index.

After two days of gains it was time for consolidation in markets. The Russell 2000 didn't get this memo and added a third day of gains managing a new closing high.

The second day of gains has severely stressed any shorts left in the market.  Volume rose in confirmed accumulation as buyers pushed markets well away from nearest support.  Best of the action belonged to the Dow Jones Industrial average with recovering 'buy' triggers in the MACD and +DI/-DI.

The French election result was greeted as a welcome trigger for breakouts. All indices benefited from the action. Best of the action was in the Russell 2000. The Russell 2000 cleared 1,390 which marked a resistance level of the former bearish consolidation triangle. Technicals are all bullish and an intraday move which pushed below 1,390 but came back by the close would be very healthy for bulls.

Things looking good for the Nasdaq as technicals return net bullish after a brief period of bearishness. This coincided with the index nestled against resistance helped by Friday's tight intraday action.  The index is nicely placed for a breakout on Monday, especially given the relative out-performance of the Nasdaq against its peers.

A positive response to Friday's selling helped erase those losses, but for many indices it wasn't enough to recover support or reverse technical 'sell' triggers. The S&P is on the verge of a 'death cross' between 20-day and 50-day MAs as the rally finished just below the 50-day MA. The consolidation channel remains in play and this should see higher prices in the latter part of the year, but for now, it's drifting down in a relatively controlled manner.

It has been a while since markets were net bearish, but the S&P, Nasdaq, Nasdaq 100, Dow Jones Industrials and Russell 2000 are all now net bearish in technical strength. Adding to this is a number of these indices have also broken from support channels. The best case for bulls is that markets shift sideways and work out the bearish technicals - building for the next rally. But if there is an acceleration down it could snowball in a manner similar to how markets rallied after the election. It's not a time to buy, and it may not be a bad time to sell or short.  Long-term investors will probably stick as there is no way of knowing what may come - and an extended period of weakness is due which shouldn't worry investors (the March 2009 low I still view as a generational low). The S&P wasn't the biggest loser on Friday and this was reflected in the relative improvement of the index to its peers. The downward channel could still play as a 'bull flag', but if th

The good work from yesterday was undone with today's selling.  The S&P posted a clear break of the 50-day MA on modest volume and will next be heading to test support of the declining channel - which at the moment looks more like a 'bull flag'.  Technicals for the index are net bearish, but are close to a recovery. It might look worrying, but the index could benefit in the long run.

It was a good day for indices as early weakness gave way to sustained buying into the close. There was early morning weakness to set the tone but it didn't last. The one index to rebuff this was the Russell 2000.  After yesterday's respectable finish the index went on to rally back to its 50-day MA. The gains in the Russell 2000 were enough to trigger a 'buy' in the relative performance against the Nasdaq and MACD trigger 'buy'. Momentum buyers won't join the fun until 1,393 is breached, so another 20 points of gains could be on the cards before supply becomes a problem.

There wasn't the reaction two days of narrow trading had presented into Monday's open, but the Russell 2000 made a good attempt at trying to rally.  However, it tagged the 50-day MA, then headed back to its starting point.  The only change on the day was the MACD trigger 'buy'.  With two spike highs in less than a week the next move to look for is a challenge on the 'bear trap'.

Very little to say about Friday's action; tight intraday spread on low volume was not going to send the world alight. The only index to post a modest gain was the Semiconductor Index. The Semiconductor Index rallied from a minor support level marked by the big-one day loss in March (with a low of 986), but the rally was made away from channel support and never challenged the 20-day MA.

Sellers swoop in afternoon trading to whip nascent demand built after a positive open.  The sell off was attributed to an indecisive Federal Reserve , but profit taking can occur at any time when an extended series of small gains is undone by one big day of selling.  Volume rose in confirmed distribution. The index most vulnerable heading into today was also the one to suffer most at the hands of sellers. The Russell 2000 suffered a big hit as it dropped over 1%, moving away from its 20-day and 50-day MAs. The 'bear trap' hasn't been negated, but it's under pressure. The Nasdaq came back off resistance without registering an attempted breakout. The potential MACD trigger 'buy' failed, although other technicals are still okay. The S&P experienced a bearish engulfing pattern as it turned away from nearby resistance. It too registered distribution and technicals are weakening. Further selling is looking probable here. Interestingly, the Nasdaq

Today's action was more subtle with indices regaining some of the Monday's lost ground, yet not enough to challenge prior highs. Best of the action was the Nasdaq 100. It's well placed to break above 5,450 and free itself from resistance. The MACD is very close to a trigger 'buy' with good relative performance against improving Russell 2000.

It was inevitable after a series of gains that sellers were going to make an appearance and today was the day that happened. The Russell 2000 took the brunt of the selling as it shed over 1% on a reversal off resistance. This brought the index back to converged 20-day and 50-day MAs, which may be enough to stem the loss, particularly as other indices were able to recover into today's close.

Friday was a bit of a non-event for indices as resistance remained a factor. The intraday range was tight as volume rose in suggested churning. The S&P remained at resistance as relative performance again deteriorated from the negative switch earlier in the week. Bears can look to take an aggressive short with a stop above 2,371.