Buyers made inroads into yesterday's relatively mild losses. The point of defense were 20-day MAs of the S&P, Dow, Nasdaq and Nasdaq 100.  The Russell 2000 found its love at the 50-day MA, although the 20-day MA is only a few points above it. While this offers near term upside opportunity, it has been rare for the 20-day MA to act as a launch point for a longer rally. Don't be surprised if this MA is again revisited next week. The S&P has perhaps the most to gain given the significance of 1,987 support as it looks to push beyond the psychological 2,000 level. If there is a concern it's that technicals are favouring an expansion of the weakness: a move to the 50-day MA may be needed first.

Sellers brought with them volume, but only the Russell 2000 finished the day with a breakdown. The Russell 2000 is trading within a larger, and more significant consolidation, but today's break ends the July-September rally, or at least broadens it. The presence of key moving averages offers additional support to work with, first of which is today's test of the 50-day MA.

It wasn't a stellar day, but Tech and Small Caps started to deliver on Friday's promise. The S&P experienced mild losses, keeping itself within the boundaries of its narrow trading range. However, S&P technicals favour bulls.

After a week of drip losses, bulls came back with a bit of a flourish to finish the week on a positive note. The Semiconductor Index didn't offer bears a sniff of an opportunity. The inverse hammer from Thursday could have delivered a short position had it undercut the Thursday low, but this didn't happen; instead, it just fell shy of clearing 652 - the July swing high.  A break of 652 is looking more likely for the week ahead. Watch for a new consolidation handle off 652 resistance before the push higher.

After a series of relatively narrow intraday spreads, today was a day when the spread widened.  It didn't change too much technically but it's a worry given bulls had started the day so brightly. There are longside opportunities available.  The Russell 2000 brushed against lower channel support and will offer a buying opportunity if the channel holds.

Another day of relatively modest action, although the S&P did finish with a bearish inverse hammer which may lead to further weakness tomorrow. A retest of 1,987 would still honor the trading range delivering a down day, but keeping the larger bullish picture intact.

There wasn't much to say after the long weekend. The Nasdaq added to Friday's gain with another narrow day of higher volume accumulation. The gain was small, but as part of the rally from the August swing low it's currently up 6.3%. Technicals are good, and not suggesting any immediate weakness is forthcoming.