Back on Monday...

Utilities cut from the pack.

Bulls will probably be a little disappointed the trading week is cut short by Thanksgiving, as the Nasdaq, Nasdaq 100 and Russell 2000 all posted strong gains on decent volume. The semiconductor index also got into the action with what's shaping up to be a 'bear trap' and potential breakout. Only a MACD trigger 'buy' awaits for a net bullish turn in technicals.

Charts of sector bullishness. Energy one of the biggest losers in price, and second weakest in sector breadth - a good bounce opportunity for Tuesday?

It looked worse on the intraday chart, but today's late day sell off wasn't too bad in the context of the larger bullish trend.  Volume was also light. Shorts may try another crack at the market, but it's unlikely to offer much given the week that's in it.

Large Caps regained the momentum lost by three days of selling from the first half of last week.  Shorts in these markets will have covered on the break above 1,795, leaving them sidelined until the next opportunity arises. The shortened week is unlikely to offer too much guidance with Thanksgiving, so it will probably be a week featuring narrow range, but bullish action.

A decent rally for the Russell 2000 regained all of the last three days of losses. The rally reignited the relative strength advantage of Small Caps over Tech indices after four months of underperformance. Technicals are on the mend and they may re-establish a net bullish setup by the end of the week.