There was no escape for indices as sellers achieved the sweep across markets. The Semiconductor Index suffered a big reversal, but not enough to break the horizontal congestion in play since the end of March. And only clawed back some of the relative out-performance against indices such as the Nasdaq 100.

Apple's disappointment may have previously caused more of a reaction in the broader market, but today's response - outside of Tech - was muted. However, there was a divergence between Tech, and Large and Small Cap indices. The S&P registered a small gain as 2,075 support held for a third day. Action has been very tight, but attempts on breaking 2,075 have been rebuffed, suggesting bulls are more likely to succeed in challenging and breaking all-time highs.

The Russell 2000 had the best of the action with a reversal on yesterday's losses. This is a strong vote of confidence for bulls, although channel resistance hasn't yet been breached. Rate-of-Change also remains on the bearish side of the fence.

No great damage done today, but a little disappointing not to see Small Caps benefit from the late buying enjoyed by Large Cap indices. What is happening though is a gradual flattening in the technical picture, making it harder for traders to look to technical parameters for guidance. The S&P finished near the day's high, although slightly down on yesterday's close.  Relative performance continues to lag Small Caps despite the better performance today.

Small Caps were the chief winner on Friday with a near 1% gain. Such action will have pressured Shorts who may have jumped on Thursday's selling from channel resistance. Rate-of-Change is still holding to the bearish side of the market, although other technicals are bullish; relative performance in particular.

Microsoft and Google are doing their bit to kill the momentum of this respectable rally. While the short term picture gives bears an angle to work with it's going to take more to suggest this rally is done. The S&P had experienced profit taking with higher volume distribution on a bearish evening star. Technicals haven't turned yet, so it's a pure price reversal at the moment, and it's early days.

Semiconductors were able to make back some of yesterday's heavy losses, but other indices were little changed. Semiconductors have clawed back nearly 1% and are working off a potential support level of 660. There is a break of rising support in the CCI, which along with continued losses in relative strength, suggests bulls are not out of the woods yet.