On the weekly charts it was a clear win for bulls. There was respectable volume as traders made their way back following the holidays. Nasdaq via StockCharts.com The Nasdaq 100 put further distance on 2,217 support as the breakout matures. The health of this index is good news for the Nasdaq. ($NDX) via StockCharts.com The Nasdaq Bullish Percents continues to inch higher but is not yet overbought (=> more gains to come for the Nasdaq) ($BPCOMPQ) via StockCharts.com While the Percentage of Nasdaq Stocks Above the 50-day MA is moving towards a slower bearish divergence; which means there is more room to run higher until resistance is reached. ($NAA50R) via StockCharts.com Even the Nasdaq Summation Index is suggesting a new (higher) resistance level to work with. ($NASI) via StockCharts.com Small Caps have cleared 760 and are looking upwards towards 850-855. ($RUT) via StockCharts.com While the S&P has in its sights the mini-reaction high in 2008 above 1,3

Up a bit, down a little, up some more, then down a little again. Volume for the S&P inched up again to side it with distribution but given the small point loss it wasn't a biggy. Technicals remain on the bullish side. ($SPX) via StockCharts.com The Nasdaq was able to close higher (so the higher volume registers as accumulation), but like losses in the S&P the gain was slight. ($COMPQ) via StockCharts.com The gain in the Nasdaq (and Nasdaq 100) was helped by the solid drive in the semiconductor index. There is a pending 'buy' signal in the MACD trigger line as it closed at a new high. ($SOX) via StockCharts.com Given the push higher in the semiconductors the probability for further gains over the coming days remains high. Market Breadth continues to diverge (bearishly) to parent indices, but this state can remain in play for a number of months before markets catch up. Bulls maintain control. Follow Me on Twitter Build a Trading Strategy Business in

Five trending stocks to watch over the coming weeks: DMAN , GEOI , SONC , CSE and WSTL . All trending at or above their 20-day MAs with key moving averages of 20-day, 50-day and 200-day MA all rising. Follow Me on Twitter Build a Trading Strategy Business in Zignals Subscribe to one of 58 trading strategies covering US, UK, Canada, Forex, ETFs, Frankfurt, Australia or Irish Markets Dr. Declan Fallon, Senior Market Technician for Zignals.com , offers a range of stock trading strategies for global markets, also available through the latest rich internet application for finance, the Zignals MarketPortal or the Zignals Trading Strategy MarketPlace . Zignals offers a full suite of financial services including price and fundamental stock alerts , stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock quote watchlists, multi-currency portfolio manager , active stock screener with fundamental trading strategy support and t

Monday's gains are proving themselves to be more than just a flash in the pan. Volume picked up to register an accumulation day for some key indices. The S&P continues its advance, plotting a course through the middle of its rising channel. It's looking good for further gains. ($SPX) via StockCharts.com The Nasdaq presented another buying opportunity at the open, working off combined support of 2,670 and the rising channel. Good volume and lots of room to get to channel resistance. Blot of the paper is the MACD 'sell' which is still in play. ($COMPQ) via StockCharts.com The Russell 2000 was able to dig in at its 20-day MA. ($RUT) via StockCharts.com While the Nasdaq 100 reversed the MACD trigger 'sell' but continues to run below former channel support. More likely this is a shift to a new, slower, channel. ($NDX) via StockCharts.com Even the semiconductor index got into the action with buyers stepping in at channel support. ($SOX) via Sto

With just 17 stocks qualifying under my Breakout scan I picked four that may be worth watching over the coming weeks. In the last minute of the video I give a quick demo on setting up a price alert on a stocklist using the stocks featured in this video (or earlier videos too). The stock alert will send an email or SMS when a stock on the list comes within 1% of its 20-day SMA (works both ways).

Yesterday's solid advance met its first challenge when sellers made the early running before buyers reined it back. The S&P finished slightly down on higher volume - although it would be harsh to assume this volume as distribution. Look to new mini-support at 1,260. The only tick in the bear column was the relative shift strength from Small Caps to Large Caps, slight though it was. ($SPX) via StockCharts.com The Nasdaq too had a bearish shift in relative strength against the S&P. Volume climbed to register a distribution day but it honored 2,670 and rising channel support. However, there is a MACD trigger 'sell' in play. ($COMPQ) via StockCharts.com Nasdaq Breadth remained bullish with only the CCI of the Summation Index easing to a 'sell' trigger. ($NASI) via StockCharts.com The relative strength shift away from Small Caps and Tech to Large Caps was helped by larger losses in the Russell 2000. However, Tuesday's losses did find support at

The New Year brings new challenges as the Santa Rally comes into a new quarter and a new year. Starting with the Nasdaq we have overbought stochastics on a bearish divergence in the MACD histogram. The index is caught between 2,535 support and 2,818 resistance and the early assumption is a continuation of the rally up to 2,818. Nasdaq via StockCharts.com The Nasdaq 100 is in the thin air of multi-year highs (although on the daily timeframe it has already drifted out of its rising channel). While 2,217 is a support level I would look to a test of 2,130 as the first meaningful challenge for bulls. ($NDX) via StockCharts.com The Nasdaq Summation Index is back against resistance with stochastics popping into overbought territory. ($NASI) via StockCharts.com Small Caps have been dull; 760 support key but this is an index which has failed to challenge 2007 highs, unlike Tech. ($RUT) via StockCharts.com The S&P also has its work cut out having only just cleared 2010 high