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Bulls Were Unable To Build On Morning Optimism

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After the Fed driven sell-off that delivered support breaks for some of the indices there was an attempt by bulls to stage a bounce, but traders weren't able to build on the sizable opening gaps, and some indices drifted lower by the close. The Russell 2000 ($IWM) lost the most ground off the open. However, today's close was enough to regain support, leaving yesterday's action as a potential 'bear trap'. Technicals are net bearish oversold. And today's buying volume was below yesterday's selling (distribution). The S&P finished the day where it started, which is also 20-day MA resistance. Aggressive traders could go with a swing trade as the next move could be sizable (particularly if the move is higher). The Nasdaq is dominated by the trading range, but within that we have a consolidation triangle. As it stands, the index is at resistance of this triangle, and given recent selling volume I would be looking for a move to close today...
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Seniconductor Shorts Gifted Their Positions

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For those who took advantage of the resistance test in the Semiconductor Index; there was a picture perfect test of the hashed blue line resistance and secondary break of former rising channel support.  The Semiconductor Index finished bang on the 20-day MA so there may be a little (big?) bounce tomorrow. If buyers can't defend the 20-day MA then the 50-day MA is next.
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Slow Start to Spring

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Further indecision in the markets as a lack of participation kept volume and intraday price changes to a minimum. The biggest hit came to the Russell 2000. It lost just over 0.5% as profit taking struck the index more so than the Nasdaq and S&P. It wasn't a significant reversal, but it keeps dip buyers on their toes.
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Nasdaq Volatility at New Lows

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While the Nasdaq has reached new highs, the VXN has pushed to lows not seen in over 20 years. This complacency makes it difficult to know how long this lack of fear can go on. The one caveat is that as a monthly chart and any uptick in volatility could take years before it tops out; how will Trump trigger this collapse?
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Buyers Take Advantage of Russell 2000 Discount

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Bulls are looking to build swing lows with some respectable buying across markets. Best of the market action went to the Russell 2000, gaining 1.5% with a close near today's highs.  The gain was enough to return the index above the 50-day MA, but there wasn't much technical improvement.
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Russell 2000 Under Modest Pressure

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Glass Half Full or Half Empty? There wasn't a whole lot to today's action.  The Russell 2000 had the worst of it, but it still managed to stage a small recovery into the close. The index finished above support with technicals negative. A bullish rally would nicely set up a swing low and could see a run to test 1,414. Shorts would want to keep stops tight (measure risk) to the 50-day MA at 1,376.
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Tentative Gains

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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).
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Small Gains On Accumulation

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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.
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