It was a low key Friday for markets. Markets finished near Friday's highs, but the Semiconductor Index finished with a potential bearish 'black' candlestick (a lower close to open, but a higher close to the previous day). CCI for this index is ready to cut below the 200 marker.

It's a slow and steady for indices as gains continued.  The Russell 2000 has pushed beyond the April high and will soon be hitting the 5% boundary above its 200-day MA. This market is a long way from January and February lows and there is an opportunity for a measured move higher coming out of this.

The Russell 2000 pushed on to clear April's swing high as relative performance swung back in small Caps favor over Tech Indices. The index was the clear winner in what was a quiet day for other indices. There was also a 'Golden Cross'  between 50-day and 200-day MAs.

With indices knocking on the door of new highs for 2016 it was of new surprise to see some profit taking. The S&P has struggled when it gets to 2,100, but each run at this resistance level weakens its importance as resistance. I have left the marker for the head-and-shoulder reversal, but a close above 2,111 will negate it.