It had to happen sooner, rather than later. Sellers made their presence felt as they pushed markets towards 20-day MAs. A similar sell off occurred in early February and the market made an immediate recovery.  I would expect 20-day MAs to be a point of entry for buyers. The question is: will buyers outnumber sellers? The Russell 2000 finished a few points above its 20-day MA. The selling was enough to reverse the whipsaw 'buy' signal in the MACD. The likelihood is for buyers to stall things for a little at the 20-day MA, but the 50-day MA seems a more appropriate place to trade a meaningful bounce.

In honor of last week, markets continued their inch-by-inch gains higher. The Russell 2000 took home of the best of the days action, gaining almost 1%. The Russell 2000 also enjoyed a MACD trigger 'buy' as it built on its relative advance against the Nasdaq and S&P.

The Nasdaq spent yet another week at, but unable to hold a break of, 3,200. It remains the one index unable to close at multi-year highs. It's somewhat worrying the breakout hasn't come, as some breadth climbed, but the Percentage of Nasdaq Stocks above their 50-day MA has clearly topped.  With fewer stocks to support the advance, it will be hard for the Nasdaq to follow the action of the S&P and Russell 2000.

Nothing has cracked yet, but eventually it will. Because of the tight action, any regular move up or down will be seen to be greater than it might otherwise look. The most likely reaction is an exhaustion run higher, which quickly turns lower, resulting in a more substantial decline. However, there are no guarantees!   The S&P expressed another doji on higher volume accumulation.  Can the MACD swing higher? It would offer a handy boost for bulls.

The handful of buyers who haven't bought this rally are keeping thing ticking along.  Small Caps had the best of the quiet action, edging a little higher. The Russell 2000 is on the verge of a MACD trigger 'buy'. Other technicals are positive.

Again, there wasn't much on show, but what little there was ended up with small gains. The market has maintained an overbought state since the start of the year, and other than a brief attempt at a test of 20-day MAs, it has did little else but climb. The S&P added a couple of points, with the MACD flatlining, but doing so well above the bullish zero line.

My latest Motley Foll post is available here  and covers Fairchild Semiconductor Index. The stock is in the process of breaking out of its trading range, with a pending MACD trigger 'buy'.  Stops can go on a break of the trading range low (supported by the December breakout gap).