There was good news across indices, but the big winners were the equal weighted Nasdaq 100 and S&P. The S&P posted a solid gain on modest volume. Technicals are net bullish, negating the 'bear flag' in the process. Interestingly, just as the S&P breaks from its summer consolidation, it starts to underperform relative to the Nasdaq.

The equal weighted Nasdaq 100 has managed to return to a net bulllish technical picture with a relative performance gain over the equal-weighted S&P. The index has met the measured move target of the May breakout, but there is a good chance it will do so here.

The equal-weighted S&P had sucessfully defended breakout support, posting a secons gain to bring it to new all-ttime closing highs. Technicals have retained a net bullish picture. There is no overhead supply bar psychological resistance at 10K.

The Russell 2000 ($IWM) hasn't yet posted a new breakout, but it came very close to doing one today. As with other indices, it's afflicted with summer trading volume as technicals return net bullish.

Bitcoin edged higher, but it was generally a low key day. I remain long term bullish on the cryptocurrency. Note, I haven't recorded a new (base) breakout for the asset.

It has been a good start to the week for those who bought the counter move following the 'bear trap' in the Nasdaq. First profit target is May highs (resistance), but I would be looking for a follow through breakout after this test given action elsewhere.

For those indices that have marked new breakouts, watch for pullback retests of new support as a potential buy. Otherwise, Bitcoin remains the best buying opportunity.

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Investments are held in a pension fund on a buy-and-hold strategy.