Indices spent little time consolidating, adding to the rally after a one-day stall in the advance. The Nasdaq is in the process of challenging the right-hand-side of the head-and-shoulder pattern. It hasn't negated it, but today's gain is doing its best to do so. Volume was lighter, which doesn't help bulls.

No surprises to see after four days of gains that markets gave up a little ground. The S&P is comfortably holding its breakout. Today's selling came on lighter volume with no discernible technical weakness. The Nasdaq didn't quite get to resistance, but today's action will count as good as a test of said resistance. Likewise, technicals held up well in the face of this selling. The Russell 2000 held on to its 50-day MA, despite the large gap higher yesterday.  A gap fill is distinctly possible over the next few days, but if it doesn't fill (i.e. it breaks above 1,144 before back filling) it will effectively confirm May as a significant swing low. Thursday will probably bring more of the same. As long as bulls can keep action in the top half of action defined by the last four days of trading, it will likely mean a prosperous summer ahead - despite seasonal factors. Now is an important time for firming up the May swing low. --- All Contributions We

Today saw bulls add to recent gains, doing so on higher volume accumulation. Better still, there was a continued swing towards more speculative issues - a good sign for the summer.  The S&P may be at new all-time highs, but the relative swing away from it towards the Nasdaq and Russell 2000 continued.

Tech indices had got the ball rolling last week (helped in large part by the semiconductor index), and the S&P got its taste with a challenge on the earlier 'bull trap' which is all but negated. The MACD has flattened, so the 'buy' trigger does carry a high risk of whipsaw, but the S&P's On-Balance-Volume trend again points to good accumulation, even if individual volume days remain typically seasonally light. Where there might be a shift for the summer is in a swing back to hard hit Small Caps.

I missed this one yesterday, but the Nasdaq 100 cleared resistance and is on course to challenge the 52-week high from March. Today's action offered follow through to yesterday's break.

The indices which mattered are still under threat from bears, those that don't, had a good day. The S&P made in roads towards resistance, but didn't do enough to challenge the 'bull trap'.  Technicals are a mix of bullish and bearish technicals, and it's hard to set the direction until the trading range is breached to the upside (or down).

Across indices, bears posted a loss to counter yesterday's gain. It didn't change the broader picture, with trading ranges established in all lead indices. The S&P held support at the 50-day MA on higher volume distribution; the second distribution in four days, with no accumulation days for the last of couple of weeks.