Markets do little, so blog traffic goes down. It's only when there is fear in the market does blog traffic spike.  Today belonged to the low traffic day. The Nasdaq was able to hold above breakout support as it works to clear the February swing high. Technicals are still net positive, although there was a relative performance 'loss' versus the Russell 2000. Nothing to get too concerned about.

After days when things were very quiet for the market it looks like the Nasdaq has finally come to life. The Nasdaq hasn't quite closed at a new all-time high but it has managed to clear the small handle it was shaping just below resistance. Technicals are positive, even as relative performance drifts lower. This might be the cue to kick the next major rally and end the 4-moth consolidation. 

It was a positive finish to the week with indices undoing Thursday's losses.  All markets are well placed to post gains. The Nasdaq is working on a bullish handle trading above the last swing high. 

Since the last update there has been a bit of back-and-forth for the indices. The Nasdaq had bounced off breakout support yesterday before it quickly gave up those gains. It was a similar story for the S&P, although this index trades well above its key moving averages.  The Russell 2000 experienced the lightest loss, although its struggling to clear its handle. 

Indices eased back on recent gains, but nothing to raise a concern for the health of the broader rally. It would be too easy to overplay the losses - especially given trading volume was light - so best to let it play out over the coming days. 

Friday saw the S&P and Dow Jones Industrials continue to post gains as other indices drifted along in narrow trading.  The S&P is on a ribbon rally of small, steady gains that brings its relationship to the 200-day MA to 16.1%, which is between the 99% to 95% of historic price extremes; this is a rally which is running hot.  There is no slowdown in technical strength, or bearish divergences to worry about, and relative performance remains good after an extended period of underperformance - so no reason to not see this rally continue despite its extended nature.

Buyers took advantage of yesterday's S&P light losses to push the index to new highs. Today's buying was enough to register it as a day of accumulation with good relative performance. Shorts have little to work with, which makes it an easy win for buyers and existing longs.

The headlines may have made it look worse than it was for the S&P and Nasdaq, but the gain in the Russell 2000 was important after a week of indecisive action. Volume climbed to register an accumulation day for the Russell 2000, along with a new MACD trigger 'buy' in support of the earlier 'buy' signals in Stochastics and On-Balance-Volume.

There was little change for markets between Friday and Monday.  Only the Russell 2000 is indicating it might lose more ground, although it hasn't lost support of its 50-day MA yet.  For the Russell 2000, the MACD is still holding to a 'sell' trigger, along with a strong 'sell' in ADX and relative performance.

The S&P kept things moving along with a new closing high for the week. Volume was a little disappointing, but technicals are all bullish. 

Some days markets move, some days they don't - this was one of those latter days.  There wasn't much going with today's index action, with cryptocurrencies hogging the headlines. The Nasdaq remained on breakout support.

Gains for indices were enough to drive new swing high breakouts. There wasn't a whole lot of volume following the Easter holiday, but the intention was clear. The Nasdaq managed a new closing high which cleared both the late February and March swing highs on the back of a bullish cross in momentum stochastics, and a continued improvement in relative performance to Small Caps.

All indices made gains, but only for the S&P was it significant. Even then, the S&P still has trendline resistance to overcome despite the new closing high. Technicals for the S&P are net bullish, and more importantly, the index is a relative leader. Volume could be better, but any gain from here will be enough to clear resistance and accelerate gains.