With today belonging to sellers - just - it was good to see it accompanied with low volume and very little net change in price.  Today was the perfect riposte to recent gains and shows the lack of interest for shorts to act or for longs to sell. The S&P is knocking on the door of 2,125.

Another good day for indices. All continued to gain ground as new all-time highs become closer to reality. The Russell 2000 continued to pull away as the May rally picked up steam. After a period of extended weakness it has managed to push a positive Rate-of-Change - the one indicator which had been strongly bearish until this week.  Relative performance added to its new swing high too.

There wasn't a whole lot to say about lead indices today, but buyers of the Semiconductor Index will be very happy heading into tomorrow.  After what amounted to two days of bearish action, today's buying was enough to negate the black candlestick and return the index to its earlier rally. The relative performance of this index against the Nasdaq 100 continued to improve.

The Russell 2000 led the market out with a 1%+ gain as relative performance continued to gain ground; the next phase of the Small gap rally is well underway. This is good news for bulls looking for gains to continue throughout the summer.