There wasn't a whole lot of action today but the Russell 2000 did manage to make back yesterday's losses.  The 'bull flag' is still intact and today's buying didn't quite register as a resistance breakout but tomorrow may be the day for follow through.

Tech markets, helped by Amazon, Apple and Alphabet, surged into fresh breakouts. The Nasdaq and Nasdaq 100 enjoyed strong volume with renewed 'buy' signals for the MACD in the Nasdaq 100 and +DI/-DI in the ADX for the Nasdaq.

The real action was yesterday, today wasn't one to write anything home about. There was some gap moves at the open but they didn't change the picture by end-of-day. The best you could probably draw from today was the inside day in the Dow Jones Industrial average; trade a break of today's high/low with a stop on the flip side.

The week started with some profit taking which extended through to today. The only index to be negatively impacted by this was the S&P. Whether today's selling, which undercut former channel resistance to leave a 'bull trap', turns into anything significant to worry about remains to be seen. Recent trading volume has favoured buyers, with On-Balance-Volume showing very strong accumulation since August. The MACD has shown a 'sell' trigger but the 20-day MA has offered a point of support; a deeper pullback to the 50-day MA would still maintain the bullish trend so there is plenty of room for buyers to remain interested.

Friday belonged to Large Cap stocks as both S&P and Dow Industrials posted gains which looked better than the less than 1% they managed. Volume climbed to register accumulation. Technicals are healthy and the S&P posted a new 'buy' trigger relative to the Russell 2000 (Small Caps).  This may end up as a blow-off top but there is nothing in Friday's action to suggest such a top is in place.

It had looked bleak for markets at the open following a big gap down. However, this was just a temporary hit as markets came back right from the open.  It's also good news for bulls or long holders. The S&P shows this best.

There was little to suggest today's action would offer anything of interest going forward.  Only the Semiconductor Index managed to recover from a relatively deep intraday spike.

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There was little change on the day-to-day machinations of the market. The S&P is riding along upper channel resistance with technicals still bullish.

About four years ago I went to a Bloomberg hosted talk on Market Cycles. I have been wracking my brain and Google trying to find the presentation and speaker name (which was available on line) but I thought the talk interesting enough to market in my Google calendar the date for the New Moon in October 2017, which was a focus point convergence of a number of market cycles and potentially a significant market top event (the countdown clock in the sidebar). The years have since ticked by and we are not just a couple of days from the October 2017 New Moon. The market has at least cooperated by sitting at new all-time highs but whether this evolves into a major top remains to be seen. I'm mad with myself that I can't find in my pinboard or delicious bookmarks the link so all I can say is the day will soon be upon us and let's see what happens from there... Other than speculating on the big 'what-ifs' there is very little to say about the market in recent days. Action ...

Not a whole lot to say about today. Small loses didn't erode prior gains but the tight action offers swing traders the best chance for gain; trading the narrow range coil offers an attractive risk:reward. Long-term traders need to wait for an oversold condition before building their positions. The S&P is at channel resistance suggesting shorts have the edge. Stops go around 2,560.

It wasn't a day for big moves but markets continued to post modest gains. The S&P registered an accumulation day on higher volume as technicals remain firm. The index is looking to accelerate beyond channel resistance,

No surprise to see sellers step in and take profits with markets at or near all-time highs. The S&P remains at channel resistance with 2,553 still a stop level for potential shorts. Volume was light so there was no real conviction to the selling.

Friday was a lacklustre day and there was little outside of Tech averages of interest. The Nasdaq and Nasdaq 100 finished higher - holding their breakouts. Momentum and long-term holders have little reason to sell, but taking partial profits would be prudent. Best of the action was reserved for the Nasdaq and Nasdaq 100; each finished at the highs of the day without doing much. The Nasdaq 100 holds its breakout along with the Nasdaq. What's key for these indices is that breakouts old.  Technicals are all bullish.

The index which looked ready to the pop spent another day on the sidelines.  There is little room for maneuver for either side so if the Nasdaq 100 doesn't pop tomorrow it's hard to know when it will. Volume climbed in accumulation and the MACD triggered a new 'buy'.

The Dow followed in the footsteps of other indices by mounting a breakout but it was the Russell 2000 which stole today's limelight. Starting with the Dow, it made a straight-forward break to new highs on higher volume accumulation. Technicals remain in good shape.

It has been slow in coming but Friday delivered on the week's promise. Friday offered a solid clean break of resistance on higher volume accumulation. It was a text book breakout accompanied by a MACD trigger 'buy'.  The only concern bulls will have for the coming week is a 'bull trap' marked by a two-bar reversal.