After yesterday saw the Russell 2000 finally switch to a net bearish turn in technicals, today saw markets move sharply higher.  This generated breakouts for Tech and Large Cap indices. The S&P enjoyed higher volume accumulation as it cleared the consolidation dating back to the start of December. The gains, while welcome, weren't enough to generate a MACD trigger 'buy'

It was another day of modest change with little real turn in bullish/bearish outlook.  The Russell 2000 was the only one index to mark a technical change with a net bearish switch in technicals (MACD, Slow Stochastics, On-Balance-Volume).

Trump's inauguration looks to have kept traders distracted as markets experienced a relatively quiet Friday, despite some higher volume trading. The S&P experienced higher volume accumulation but was unable to get past 2,275. Monday is another day, but keep an eye on the MACD; a gain with a new 'buy' trigger well above the bullish zero line will attract technical traders on the long side. This in turn will encourage short covering.

Small Caps again took the brunt of the selling as Shorts took advantage of yesterday's small rally back to former support (turned resistance) to enter positions. With the 'bull trap' in full effect, the next target down for the index is 1,308. Of supporting technicals, only Stochastics [39,1] is left to break its bullish alignment,