Profit Takers return after a two days of buying.  The selling remains confined to broader trading ranges, which remain dominant until breached. In the case of the S&P there is 'bear trap' support at 2,080 and resistance at 2,115 to consider. Friday's action let it in the middle of this range, just below the 50-day MA. Volume was lighter, which weakened the importance of the selling. The Nasdaq is easing back to converged wedge support and 5,038. As with the S&P, trading volume was lighter. Bulls may get some joy with a bounce off converged support with the index close to new all-time highs. The Russell 2000 cleared the tentative downward channel. Friday's action retesting the channel with a neutral 'doji'. Monday could see a drop back inside its channel, but should it do so then the presence of converged 20- and 50-day MA support (1,252/4) could offer the opportunity for bulls to mount another round of buying. If there is an index which

After yesterday's action it was positive to see indices hold their gains. The Russell 2000 had a breakout to protect, and it did so with ease. The 'bull trap' from April will be under pressure if tomorrow sees more gains.

A good day for markets saw buyers turn up in decent numbers, although given the relative gain it would have been good to have seen volume a little stronger. The Russell 2000 had the best of the action, breaking out of its readjusted channel as it continues to outperform both S&P and Nasdaq indices.

A day where the status quo was the end-of-day result after yesterday's selling. This is set up nicely for a rally tomorrow, even if some indices lack a natural support level to work off. Also favouring longs is the lighter volume selling which accompanied today's action. The S&P is net bearish at a technical level, but may find some traction at a minor swing low of 2,067.