Friday's action was relatively muted, but really it was all about holding the breakouts generated in the first half of the week. While low unemployment suggests the economy is running close to maximum, it's hard to see when this Trump rally will end. It looks like Trump himself will probably kill it with his immigration policy as skilled workers (H1B, Greencard workers) get caught in the sweep. But until then, with buyers exceeding sellers, bulls don't yet have a reason to worry. The S&P has net positive technicals, with relative performance against Small Caps also ticking higher. Of technicals, On-Balance-Volume is looking the weakest and is likely to be the first to turn negative (and suggest sellers are gaining the upper hand).

After two days of gain delivering broad breakouts, today saw markets stall a little as those gains were digested. Despite this, the S&P was still able to offer a MACD trigger 'buy'.  Relative performance also got a little uptick against the Russell 2000. With technicals all in the green any additional weakness will likely be viewed as a pullback buying opportuniy

Another good day for indices as Dow breaks resistance to follow the lead of the S&P and Nasdaq yesterday. The Dow also delivered a MACD trigger 'buy' and +DI/-DI crossover on higher volume accumulation.

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'