There was no big change in the technical picture of the indies, but all markets managed to make a positive close on the week. Indices started Friday with gaps higher and finished the day as much as they started.  The Nasdaq's gain wasn't enough to take out the recent swing high but it did register as an accumulation day and it continues to map a relative outperformance to its peers.

Commodities are at an interesting juncture. Threats of inflation (bullish for gold) are offset by falling economic demand (bearish for oil and industrial metals). Certainly the August-November run-up needs some time to absorb the gains. Given the two forces at play the likely outcome is to see some scrappy sideways action running between November highs/lows. I will be looking at stochastic mid-line support [39,1] as key; a break of this level would likely see a new November price low (and a new low for sideways channel).