Market divergences continued to play out. This time, the S&P and Semiconductors broke clear in fresh breakouts, but the likes of the Nasdaq and Nasdaq 100 haven't yet followed Semiconductors higher. The S&P cleared the last swing high, but still has August highs to breach. Technicals, outside of On-Balance-Volume, are bullish. The Nasdaq finished higher but hasn't yet marked new all-time highs. As with the S&P, technicals - other than On-Balance-Volume - are bullish.

It has been a while since such short term divergences emerged in the market: big gains for Small Caps, struggles for Tech, with Large Caps stuck in the middle. The Russell 2000 chalked up a sixth day of gains as it neatly took out the 'bull trap' and prior highs.  The relative performance is off the chart of its historic relationship to other markets. It needs some comeback, but even when that happens it will remain well ahead of other markets.  Technicals are net bullish.

It was a mixed day for markets. Small Caps continued their rich vein of form with a near 2.5% gain, coming after four other days of gains. Some pullback is inevitable, but this has a good chance of becoming a buying opportunity. Relative performance has rocketed following steady declines since September.

There was a big divergence in markets as the Nasdaq succumbed to fears of a Trump presidency as Blue Chips held fast. Volume climbed to register as distribution for Tech stocks. Unfortunately, this all occurred after my election night short position was stopped out, but new shorts may enjoy better fortune. The Nasdaq turned a MACD and +DI/-DI 'buy' trigger. Relative performance accelerated lower as other indices enjoyed more positive days.

In a day of turmoil the unlikely struck in many guises; from the Trump election, to the election pre-maket sell off, to the huge accumulation rally delivering new breakouts - it was 6-months of activity in a single day! Kicking off things is the S&P breakout. Today's volume was massive. With today's gain it only has to negotiate the tight range from July/August before new all-tie highs are in play. Today's gain brought fresh 'buys' to Stochastics, +DI/-DI, and MACD.

There was some follow through to yesterday's buying, but resistance wasn't breached in newly defined channels and wedges. Will there be a 'sell the news' event tomorrow once the election is announced? The S&P tagged its 50-day MA before it came back to rest under declining channel. Volume dropped for a second day, but there was a MACD trigger 'buy'.

Or so the market thinks. Solid gains all around would suggest marker participants have banked a Clinton win and are looking to pick up value. The question is whether narrow trading from July or August is really a barrier or just a symptom of a summer lull. The S&P is back at the rising wedge, and resistance at 2,130. Also note the development of a new downward channel. Watch for a stall out on a tag of channel resistance.