A brief respite in the buying with a drop in trading volume compared to Wednesday. The narrow trading may offer a swing trade opportunity on break of high/lows. The S&P fell slightly but is nicely set for a swing trade. ($SPX) via StockCharts.com The Nasdaq posted small gains on higher volume accumulation. Looks good to push higher. The narrow trading of the past couple of days suggests a sizable one-day move will soon follow. Technicals rising along with bullish momentum but they are not overbought, another tick in favour of buyers. ($COMPQ) via StockCharts.com Small Caps added a few more points, confirming yesterday's breakout. How will the MACD fare at the bearish divergence? So far it has played very well for bulls . ($RUT) via StockCharts.com One index where bears have the edge is the semiconductor index; rebuffed at trendline resistance. A short position can trail a stop at the 50-day MA and/or declining trendline. ($SOX) via StockCharts.com Rallies are ov

Today belonged to the Russell 2000. The leading index cracked above the 2011 high, offering new longside opportunities. Technicals continue to rise, although it will be a few days before the bearish divergence in the MACD is challenged. ($RUT) via StockCharts.com Large Caps had their time in the sun too. The S&P saw its technicals turn net bullish on higher volume accumulation. ($SPX) via StockCharts.com While the Dow finished shy of a push to a new 2011 high. ($INDU) via StockCharts.com The Nasdaq or Nasdaq 100 have yet to enjoy the same strength as the aforementioned indices. Both remain technically net bearish. ($COMPQ) via StockCharts.com So it looks to be up to the Russell 2000 to drive this rally higher. Tech has been a disappointment, but is at least heading in the right direction. Defensive large caps have an opportunity tomorrow to break 2011 resistance, although overall volume has been disappointing (despite being higher). Bulls in control. Follow Me on

Markets opened weak but were able to make back lost ground and then some. The S&P confirmed a breakout from the downward channel on heavier volume (but light volume compared to what's gone before). ($SPX) via StockCharts.com The Nasdaq offered a sizable bullish engulfing pattern, without the higher volume accumulation, but with enough juice to outperform the S&P (on a relative basis). ($COMPQ) via StockCharts.com Nasdaq Breadth continued to improve with a MACD trigger 'buy' and a rise in stochastics from oversold conditions. ($BPCOMPQ) via StockCharts.com While the Percentage of Nasdaq Stocks above the 50-day MA shifted technicals net bullish after stochastics crossed the bullish mid-line. ($NAA50R) via StockCharts.com Small Caps also cracked out a bullish engulfing pattern as it hugged former support higher. Since early February Small Caps have been outperforming Tech, and Large Caps since mid-May. As the leading index it should be favoured by buyer

Another mixed for the markets; one offers promise going forward - others sit at important junctions. The S&P spent a second day at channel resistance. The small 'hanging man' reflects uncertainty, but the lack of volume suggests there was no concerted selling - simply a lack of buyers willing to drive a break. Technicals, while weak, continue to support the long side. ($SPX) via StockCharts.com Friday saw a low volume breakout but with a gravestone doji. This was followed by a bearish engulfing pattern. The Nasdaq breakout is still intact - although under pressure and more likely to see losses tomorrow. Should this prove true, a bull trap will result. ($COMPQ) via StockCharts.com The Nasdaq 100 also closed with a bearish engulfing pattern at its 50-day MA. The past two day reversal has the makings of a reaction top and the start of a downward channel. The key aspect in the Nasdaq 100's defense is its strength on the weekly timeframe . ($NDX) via StockCharts.

Markets maintained their weekly form despite the recovery on dailies. The Nasdaq still has to contend with the bull trap from 2,818. Last week's buying - while welcome - didn't registration as an accumulation week. Nasdaq via StockCharts.com However, the Nasdaq 100 was able to defend 2,217 (2007 highs). But like the Nasdaq buying volume was light. ($NDX) via StockCharts.com While the Russell 2000 rallied off its bull flag backtest and is best poised to move to new highs. ($RUT) via StockCharts.com The S&P pulled itself back over 1,300, but the rally has sliced the channel down the middle - no advantage to bulls or bears. ($SPX) via StockCharts.com So for next week looks to Small Caps to lead out with the Nasdaq 100 and Nasdaq following suit. The latter should negate its bull trap. Large Caps should be able to tag along for the ride, but look to them to lag the more speculative issues. If the Russell 2000 struggles then it's going to be hard road ahead fo

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