The S&P dropped just over a point, but finished above 2119 support. Today's action holds the gain and remains in bullish mode. Technicals are bullish, although the relative performance against the Russell 2000 has dropped off markedly, which is better for the broader rally, even if bad for the S&P in the near term.

With the weekend behind us traders had a chance to digest last week's gains, and the decision was to keep on going. The Russell 2000 had the best of the action with a 1% gain. The index cleared both 20- and 50-day MAs with resistance up around 1,268 and a chance to challenge the 'bull trap'.

Friday's action was good for what didn't happen. Trading was muted, with action trading inside very narrow ranges, different to what had happened the day before. The S&P probably came out the best of it as Friday's action held Thursday's break of 2115.  Watch Monday's premarket action closely. Assuming no damage in the Europe or Asian session there is a good chance bulls could be let off the shackles. Ideally, one would want an open above 2115 to set the tone.

Is this the breakout markets have been waiting for? Both the S&P and Russell 2000 edged past resistance and the Nasdaq has managed to climb above 5,000, although it's a few days from challenging the high. The S&P needs to follow through higher (very) soon to put this consolidation from February to bed.