Friday was a relatively disappointing day. The tight action of Wednesday and Thursday gave way to broader range day on Friday, but there was no strong swing one side or to the other - despite jobs data to spice the action. It only whipsawed traders who played the break of the mid-week narrow range. The Nasdaq was the only index to suggest there is a (slight) edge to bears.  Shorts may decide to take a sniff for a second test of breakout support. Stops on a break above 4,371.

While the Nasdaq lost some ground by the close, it does have the help of an ever improving Semiconductor Index.  After years of underperformance, the Semiconductor Index is about to push itself into the rarified air of the blowoff run of 2000; the break of 550 should prove significant in the long run.  This will help fuel gains for the Nasdaq and Nasdaq 100.

There was to be no comeback by bears after Tuesday's rally supreme. Bulls can take significant comfort from the narrow action near Tuesday's highs. Look for more of the same with  tight action offering a low risk swing opportunity: trade break of high/lows with a stop on the flip. The Russell 2000 offers a neat example of this tight range, although the strength of the move suggests bulls are more likely to win out in the days ahead.

Well, it didn't last long. The 'bull traps' created in the Russell 2000 and S&P yesterday were dissected by today's open. It would have taken an aggressive short to jump in at the open. The new trading ranges established yesterday are probably still valid, even with today's breakouts. The boundaries of these ranges are likely to expand out, but in the near term it's hard to be a bear given markets are prepared to look past the events in Ukraine.

Somewhat inevitable events in the Ukraine were going to nix the nascent breakouts for the S&P and Russell 2000. The net sum is to drop these indices into broad trading ranges for which a move to support (the January low) is perhaps the next move. A stop at a break of 'bull trap' highs is the protective stop.

The real breakouts occurred in the S&P and Russell 2000 on Thursday, although it was bit anti-climatic to see these indices make the push given the Nasdaq and Nasdaq 100 had broken out in the weeks before. However, it's important as it now has all indices pushing new highs, even if the Russell 2000 did lose ground on Friday to threaten its nascent breakout. The breakout in the S&P came in with higher volume accumulation, which suggests something more than the short covering which typically drives the early move. Technicals are good, but relative strength is sharply in favour of the Russell 2000 (and Nasdaq).

Very little change in the markets, but there was a net bullish turn in technicals for Nasdaq breadth metrics. The Nasdaq Summation Index is in a clear advance and is on course to reach an overbought state. This breadth metric is a good confirmation signal for swings in the parent index, and it's suggesting more upside.  For the Nasdaq Summation Index to reach an overbought state, it would take another couple weeks of gains in the Nasdaq.

After Monday's gains it wasn't such a surprise to see small losses today. It didn't change a whole lot and buyers can probably find some value for the next up swing. Certainly bears didn't get much out of today, despite the losses. Volume was down, another indication of the lack of interest from sellers (and buyers to a lesser extent). The S&P remains primed below resistance. Aggressive traders can use today's lows for stops - although a rapid intraday spike low may trap bears. The S&P still looks like it's playing for a higher push.

It was looking good for all indices in morning trading, but bears were able to knock back the S&P back inside its base by the close of business. However, the Russell 2000 was able to post a breakout, even if it hasn't gone all the way to new all-time highs, it has made inroads into challenging the 'bull trap'. The S&P will have another chance tomorrow. Today's weak finish was unable to undercut Friday's close, which will provide a platform for another push higher. The worry will be an undercut of the low on a gap down; it could panic rally participants into offloading in profit taking. The 50-day MA is the support zone.

The S&P is experiencing an interesting tussle at resistance, with 1,850 proving to be a difficult level to break. Volume climbed to register yet another distribution day, but Friday's intraday spread was narrow - offering a swing trade opportunity on break of day's high/lows. The tightening push against resistance would suggest bulls have it, but a gap down on Monday would likely see a rapid move to the 50-day MA. The loss in the Nasdaq was minor enough: Friday finished just below Thursday's close, holding the breakout. There was a climb in volume, marking it as a distribution day, but the point loss wasn't enough to make this a worry. Bulls may need to worry about a 'bull trap' - but there is lots of support to work with.

Bears found no joy after the first real day of selling for February failed to lead to anything. The Nasdaq maintained its breakout, and even managed to register an accumulation day: bulls can probably play for further upside with a stop below 4,225.

No surprise to see the S&P stall out as it challenged prior highs around 1,850. What's important is how the S&P behaves as sellers take a run at it. First support level is the 50-day MA, then 1,810, then the 20-day MA. Shorts may be able to squeeze something out of this on the way down, stops on a close above 1,850, but probably not one to hold on to for too long.

The shortened week started where it left off, with gains all round. However, it was left to Small Caps to enjoy the best of today's action. The challenge for the index will be taking out the 'bull trap' with resistance likely to be tested tomorrow. It may even offer a short play with a stop on a break of the 'bull trap' neckline.

The Dow was the most bearish of the indices heading into Friday, but despite the lighter volume it was still able to push above resistance, negating the breakdown. Friday's gain didn't do much to slow the relative strength loss against the Nasdaq 100, but with technicals net bullish it does mean weakness should be bought (until technicals turn net bearish). The Russell 2000 posted the smallest of gains. It doesn't change anything, but keeps the index net bullish technically. The Nasdaq kept its breakout intact, again, on the smallest of margins. The semiconductor index was able to build on its breakout, which is good news for the Nasdaq and Nasdaq 100 as they look to build on their respective breakouts. In contrast, Nasdaq breadth is improving, but hasn't yet turned net bullish. The Nasdaq Summation Index is usually the best proxy as the reversals are relatively noise free. The rally is in play, but it hasn't totally reversed the bearishness whic

The semiconductor index ultimately offered a peek into what happened today. Following on the heels of yesterday's Semi breakout were breakouts in the Nasdaq and Nasdaq 100.  The Nasdaq breakout was supported by higher volume, no doubt driven by short covering. Technicals turned net bullish, ending January's bearish turn, and returning the market to its upward looking bias.

It took a couple of days longer than expected, but the rally started from the swing low finally hit a stumbling block. Market ranges were narrow, and the gains or losses minor, which is more likely to help bulls as indices work new challenges of recent highs. Swing trades can look to trade a break of the day's high/lows, with a stop on the flip side.  But momentum is with the bulls, so any short-side break could be short-lived. Technicals for the S&P are net bullish, and will likely remain so for the next few days even if sellers returns.

A surprising show of strength after three days of gains. Most surprising was the Russell 2000. It had looked ideally set up as a short play, but it made short shrift of resistance. However, technicals are still on the bear side, and there is the issue of a 'Death Cross' between 20-day and 50-day MAs. Shorts will next wait for the 20-day MA before attempting a second bite of the cherry.

It was relatively low key, but the Nasdaq and Nasdaq 100 were able to post a third day of gains. In the case of the Nasdaq, these gains pushed the index above its 20-day MA and for now, set a target of the high at 4,247. More importantly, the rally has managed to take out the mini-swing high from late January, giving bulls a little more confidence going forward.

Buyers will have been relieved to have seen a second, decent day of gains following the losses at the start of the week. Volume just about registered an accumulation day, although there is perhaps some concern the buying of the last two days has come on lighter volume than the selling which took indices to these lows. There is also the case the swing low of February undercut the swing lows of December, setting in motion a possible shift in trend, or at the least, a new trading range. The S&P should have enough to take it up to the 20-day MA, where Friday's gains weren't enough to stop a 'Death Cross' trigger between 20-day and 50-day MAs. The rally will find it more difficult once it gets to this convergence, which is also a horizontal resistance level.

Today was a relatively easy day for bulls. The decline had created a bit of a vacuum, which today's rallies happily filled. The semiconductor index worked itself off rising support, closing above the 50-day MA, but finishing below the 20-day MA.