Today's action was more subtle with indices regaining some of the Monday's lost ground, yet not enough to challenge prior highs. Best of the action was the Nasdaq 100. It's well placed to break above 5,450 and free itself from resistance. The MACD is very close to a trigger 'buy' with good relative performance against improving Russell 2000.

It was inevitable after a series of gains that sellers were going to make an appearance and today was the day that happened. The Russell 2000 took the brunt of the selling as it shed over 1% on a reversal off resistance. This brought the index back to converged 20-day and 50-day MAs, which may be enough to stem the loss, particularly as other indices were able to recover into today's close.

Friday was a bit of a non-event for indices as resistance remained a factor. The intraday range was tight as volume rose in suggested churning. The S&P remained at resistance as relative performance again deteriorated from the negative switch earlier in the week. Bears can look to take an aggressive short with a stop above 2,371.

There were small gains across markets, but it was the Russell 2000 which benefited the most. Today's gain managed to push past the 20-day and 50-day MAs on a fresh MACD trigger 'buy'.  Next up is a 'buy' trigger in the relative relationship between Russell 2000 and Nasdaq.