A quick reversal of fortune after markets take a stumble, some worse than others. The Russell 2000 suffered the brunt of the selling. The index closed just below 855 support, enough to suggest a potential bull trap. The selling also triggered a CCI 'sell'. Another day's losses will confirm, but consider today's action a warning sign. ($RUT) via StockCharts.com Next was the bearish engulfing pattern in the Nasdaq. Technicals remain buoyant and selling volume was light, but it was a significant 1-day shift. ($COMPQ) via StockCharts.com The S&P was not so adversely impacted by the selling, although it failed to hold on to early gains. There is room to maneuver to support and selling volume light. ($SPX) via StockCharts.com The Dow, having extended well beyond nearest support, closed with an indecisive doji. Trading a break of Monday's high/low may offer a short-term opportunity. ($INDU) via StockCharts.com A stronger trading opportunity may be ava

It was a good week for the indices. The Nasdaq managed to negate an earlier bull trap and broke to a new multi-year high on higher volume. Nasdaq via StockCharts.com The Nasdaq 100 even managed a mini breakout from a consolidation, a consolidation built after it made new multi-year highs in 2010. ($NDX) via StockCharts.com While the Percentage of Nasdaq stocks above the 50-day MA is caught in at a middling 63% (having climbed from a reaction low of 30%), it did trigger a MACD 'buy'. ($NAA50R) via StockCharts.com The Russell 2000 enjoyed the dual benefit of a breakout and a MACD 'buy' on the weekly. ($RUT) via StockCharts.com Even the S&P managed a breakout, but it still has some way until it gets past 2007 high. ($SPX) via StockCharts.com With the breakouts in play on the weekly timeframes it's now a question of them holding on. Follow Me on Twitter Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com

The Dow pushed higher for a third day in a row, taking it well beyond 12,400 support. ($INDU) via StockCharts.com The gains in the Dow helped pull the S&P higher ($SPX) via StockCharts.com And even the Russell 2000 ($RUT) via StockCharts.com Although the Nasdaq 100 finished with an inside day at breakout support. ($NDX) via StockCharts.com Likewise the semiconductor index also closed lower with an inside day. ($SOX) via StockCharts.com For Friday, the inside days of the semiconductor index and Nasdaq 100 offer the best trading opportunity. The Nasdaq 100 might offer the better prospect given it is lying at support; a loss of support and it's a bull trap (with a stop on a close above the 2-day high), while a gain defines the risk on a break of Thursday's low. Follow Me on Twitter Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com . I offer a range of stock trading strategies for global markets which can be Preview

Decent gains on low volume. The Fed didn't send any shock waves through the market which was enough to keep the optimism flowing. The S&P tested support of 1,343 intraday and may do so again over the coming days, but it set up the battleground for buyers to fight it out at. Technicals bullish. ($SPX) via StockCharts.com It was a similar story for the Nasdaq. Maybe technicals are a little more bullish? Helped by a relative leadership role to the S&P. ($COMPQ) via StockCharts.com Small Caps had their moment in the sun as they closed above 855 resistance, marking a new multi-year high for the index. ($RUT) via StockCharts.com The Nasdaq 100 also broke resistance. ($NDX) via StockCharts.com All-in-All, another good day for bulls. Bears have nowhere to hide... Follow Me on Twitter Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com . I offer a range of stock trading strategies for global markets which can be Previewed

Yesterday saw the low key setups, today saw the glory-volume breaks; a good day for the indices. The S&P followed the Dow by slicing through resistance (1,343) to a new yearly high on improving technical strength. Volume rose to register an accumulation day. ($SPX) via StockCharts.com The Dow had the perfect follow through to yesterday's low volume consolidation. ($INDU) via StockCharts.com The semiconductor index pushed beyond its 50-day MA. ($SOX) via StockCharts.com Which helped the Nasdaq break resistance. ($COMPQ) via StockCharts.com Only the Russell 2000 disappointed, but only in failing to make a new 2011 high; a minor disappointment. ($RUT) via StockCharts.com Indices are nicely set to make further advances, even if tomorrow sees another low volume consolidation. Follow Me on Twitter Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com . I offer a range of stock trading strategies for global markets which can

It was a day for low key moves. While the point changes were small, the overall picture remained buoyant. The semiconductor index had the best of the day's action. While it didn't do enough to even post a points worth of gain, it did enough to turn net bullish technically. The breakout is holding above both declining resistance and its 50-day MA. Can it continue? ($SOX) via StockCharts.com The Dow changed little but did more in doing so - the critical breakout is holding. Can the S&P follow suit? ($INDU) via StockCharts.com The Nasdaq continued its push into the February breakdown gap. Technicals are net bullish and rising. Will it be the next index to make a new 2011 high? ($COMPQ) via StockCharts.com Small Caps have taken the foot off the pedal a little, but it did enough to defend its 20-day MA. Upcoming MACD trigger 'buy' in the works. ($RUT) via StockCharts.com The indices are nicely set for tomorrow. Follow Me on Twitter Dr. Declan Fallon

Markets held all of yesterday's gains and added a little more. Volume dropped, but for many indices there was a technical improvement with new MACD trigger 'buys' in particular. The S&P was the perfect case in point. ($SPX) via StockCharts.com The Nasdaq did likewise. There was even a push into the February breakdown gap which negated what had looked to have been an April bull trap. ($COMPQ) via StockCharts.com The Russell 2000 had a quiet day with little technical change. A challenge on 855 is next and today's modest gain took it a little closer to this goal. ($RUT) via StockCharts.com The Dow took itself further away from 12,400 support. It too enjoyed a MACD trigger 'buy' ($INDU) via StockCharts.com Only the semiconductor index eased a little lower at 50-day MA resistance, but yesterday's breakout held. AAAAAAAAG Semiconductor Index - Philadelphia ($SOX) via StockCharts.com With the wind on their backs bulls may look to push on Mon