Monday's candlestick finish for many of the lead indices was an inside day of an inside day. How this coiling action unravels remains to be seen, but trading a break of Monday's high/lows with a stop on the flip side would give swing traders something to work with. The S&P is playing into a rising wedge with technicals net bearish, although intermediate term stochastics and the MACD are on 'buy' signals. This looks like it will be break down, but those who follow my ChartDNA posts will see an improving intermediate term picture (for bulls). I should add, I'm holding a Dow Jones short position, so my bias is bearish - but I have doubts...

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.