Each day has become another twist of the screw for bears and shorts. While it may be hard to be a buyer at these levels, it's even more difficult to be a short. The S&P added nearly half a percent on light volume; technicals remaining firm.

A tough day for any shorts in the market. The Nasdaq blew away the right shoulder of the bearish head-and-shoulder pattern. It hasn't completely negated the pattern - a break of the head high is required for this - but it's a big step in the right direction. Volume climbed to register accumulation as the index continued to gain in relative performance against the S&P.

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Yesterday was a quiet day for indices, but there was no doubts who took control today. The semiconductor index maintained its bullish form with another good day of gains. The semiconductor breakout has performed very well after a successful second attempt. A series of bearish days would be welcome to consolidate the advance.

No shocks to the system in what amounted to a quiet day for the indices. The real winner was the semiconductor index, it added nearly 1% as it posted a new 52-week high. This strength should filter down to the Nasdaq and Nasdaq 100, although today was quiet for the latter indices.  The measured move target for the semiconductor index is 650.

No great surprises or shocks from Friday, a late surge in the S&P gave the end result to bulls, but losses elsewhere were very minor. Another day which keeps the bullish picture intact: very little on offer for bears. In the case of the S&P the strong finish on the day came with higher volume accumulation. There was a brief recovery in relative strength (vs Russell 2000), although it looks like a temporary reprieve.

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.