Today offered a heavier than expected volume day post-holiday. The majority of this action was to the downside, but the Semiconductor Index bucked the trend.  The latter index was able to push above its 200-day MA as it posted a relative advantage against the Nasdaq 100. While the Nasdaq and Nasdaq 100 suffered losses today, both will be helped by strength in the Semiconductor Index.  All technicals for the Semiconductor Index are in the green, with a return of the MACD to a 'buy' trigger (above the bullish zero line - a bullish development).

Holiday trading kicked into gear, although volume for the S&P managed to push into a technical accumulation day. Things are likely to remain quiet through to next week and any sharp moves at this stage have a high risk of failure. The top performing index on the day was the Russell 2000. It managed to add another decent gain o keep the string of higher closes running. It didn't quite close above 1,200, but it may do so Friday (with the aforementioned caveat of holiday trading). Overall action in this index has been positive, and relative performance to other indices continues to improve.

A second day for bulls to shine despite modest end-of-day gains. Some indices did better than others. The Russell 2000 was the key performer. It finished with a MACD trigger 'buy' and looks ready to outperform the Nasdaq 100.  This is an important development for bulls looking for more from other indices. A move to challenge - then break - its 200-day MA, would convert August-November action into a healthy basing action.

Modest losses on the day, but bears were unable to press declines. Volume was down considerably, which given the week that's in it is not surprising. The Nasdaq finished with a 'sell' trigger in On-Balance-Volume.

Friday was a low key affair. Small gains managed to rank as accumulation for the S&P, Dow Jones and Nasdaq 100, but there could be an argument for profit taking too. The S&P remains above 20-day and 200-day MAs. Friday did finish with a small spike high but there is demand to quickly pull up on any weakness which may be delivered on Monday.

No follow through, but healthy action saw markets hang on to yesterday's gains. Volume declined to keep sellers at bay. The S&P is still working off a 'sell' trigger in the MACD and On-Balance-Volume.  However, the index remains above 20-day and 200-day MAs.

A very good day for bulls say yesterday's weakness blown away in decisive fashion. Volume climbed to register an accumulation day for the indices. The best of the action belonged to the Nasdaq 100. It gained nearly 2% in a move to challenge the 'bull trap'. It hasn't done so yet, but tomorrow could be the day new highs are posted for 2015. Today's gains came with a 'bull cross' in On-Balance-Volume.