There wasn't a whole lot of action on the day, but the Russell 2000 was able to add nearly a quarter a percentage point and hold on to its breakout. Technicals have stayed net bullish since the break from the original channel (which ultimately led to the current trading range).

Despite the long weekend there was very little change in the markets. Markets are holding near highs, which is good news for bulls looking for breakouts to hold. The index to watch out for is the Russell 2000. As the speculative index it leads out on major market reversals, and at the moment its clinging on to a breakout.

The Nasdaq put further distance on its breakout as technical strength improved. Volume fell, perhaps the only sour note on Friday. However, continued strength in Tech indices will help maintain breakouts in other indices .

After a solid setup yesterday, the Nasdaq and Nasdaq 100 broke higher today. Supporting the breakout was an increase in volume, marking confirmed accumulation. Technicals also remained aligned with bulls, staying net bullish.

Yesterday it was the S&P and Semiconductor Index which broke higher.  Today that honor almost went to the Nasdaq, but it couldn't quite do it. However, the Nasdaq is well placed to do so tomorrow. The Nasdaq finished with an accumulation day, and the consolidating breakout in the Semiconductor Index should help deliver the break. Technicals are nicely positioned as net positive too.

It took a couple of days, but the S&P finally edged above the consolidation in place since the start of 2015. The challenge of the 2,093 high might not be so difficult to break. Volume climbed to register accumulation, although overall buying volume was not particularly high.  Technicals are (slightly) bullish.

A second day of light losses kept markets relatively restrained. There was some technical change, but nothing too significant to shift the larger picture. The Russell 2000 gave up its breakout in a possible 'bull trap', and this needs to be watched closely if such a move is not to be confirmed with additional losses tomorrow.  Note, this index is still range bound in a 'handle', so the 'bull trap' is not a particularly strong one.