Not a whole lot to say about today. The Semiconductor Index gained nearly 1% as it pushed a new multi-year high, but most of the gains were achieved by the open and it didn't add too much after that. However, it did keep shorts at bay for another day (resistance remains former channel support).

Markets finished the week with an accumulation day on Friday, with bulls coming in at 20-day MAs for the S&P and Nasdaq.  The Russell 2000 also dug in, although buyers worked with no clear support level, but Friday's finish may offer an opportunity for a swing low to develop if there is some upside on Monday. The S&P worked a rally off its 20-day MA, but did so in the absence of accumulation. The 'sell' trigger in the MACD hasn't been reversed, but other technicals are still healthy.

With indices experiencing small changes, 20-day MAs are starting to look like a defensive point for bulls to work the next rally. The Nasdaq finished higher after a defensive push off its 20-day MA. This didn't make any significant changes to the technical picture, but it does suggest the possibility a new swing low is in play.

A mixed day with most indices experiencing minimal change. The only index to come out feeling blue was the Russell 2000.  Yesterday's selling confirmed a 'bull trap' and today saw some follow through with sellers continuing to pressure. The next rally will be critical; will it be attacked shorts? Or will bulls breeze past 1,414? Other indices will be looking to the Russell 2000 for leads.