After my 2 week work break I've come back to a mixed message market. The question is which market is in charge? The clear leader over this period has been the Semiconductor Index. It pushed to new highs in a strong relative push. This restores the net bullish technical picture for this index dating back to July. The question is how much strength in this index can pass through to the Nasdaq and Nasdaq 100. The fresh MACD trigger 'buy' is a new pullback signal with a stop below the recent swing low.

Back in NY for a couple of weeks, so updates will be fewer until I return.

Friday saw some big volume, although there was a relatively tight price action to close near the highs of Thursday. Best of the action looked to belong to the Nasdaq as it knocks on the door of 5,287. A gap higher on Monday opens up for a push to new all-time highs. Watch if it coincides with a MACD trigger 'buy', this will strengthen the validity for the move higher and encourage technical buying.

Bulls got their reward with the Nasdaq popping higher following a series of inside days. The coiling action brought about by recent action delivered over a 1% gain. Volume climbed to register an accumulation day. In addition, the post-jobs report breakdown gap was closed, turning the decline into a brief consolidation. A challenge on 5,288 is next.