There wasn't a whole lot of action today but the Russell 2000 did manage to make back yesterday's losses.  The 'bull flag' is still intact and today's buying didn't quite register as a resistance breakout but tomorrow may be the day for follow through.

Tech markets, helped by Amazon, Apple and Alphabet, surged into fresh breakouts. The Nasdaq and Nasdaq 100 enjoyed strong volume with renewed 'buy' signals for the MACD in the Nasdaq 100 and +DI/-DI in the ADX for the Nasdaq.

The real action was yesterday, today wasn't one to write anything home about. There was some gap moves at the open but they didn't change the picture by end-of-day. The best you could probably draw from today was the inside day in the Dow Jones Industrial average; trade a break of today's high/low with a stop on the flip side.

The week started with some profit taking which extended through to today. The only index to be negatively impacted by this was the S&P. Whether today's selling, which undercut former channel resistance to leave a 'bull trap', turns into anything significant to worry about remains to be seen. Recent trading volume has favoured buyers, with On-Balance-Volume showing very strong accumulation since August. The MACD has shown a 'sell' trigger but the 20-day MA has offered a point of support; a deeper pullback to the 50-day MA would still maintain the bullish trend so there is plenty of room for buyers to remain interested.

Friday belonged to Large Cap stocks as both S&P and Dow Industrials posted gains which looked better than the less than 1% they managed. Volume climbed to register accumulation. Technicals are healthy and the S&P posted a new 'buy' trigger relative to the Russell 2000 (Small Caps).  This may end up as a blow-off top but there is nothing in Friday's action to suggest such a top is in place.

It had looked bleak for markets at the open following a big gap down. However, this was just a temporary hit as markets came back right from the open.  It's also good news for bulls or long holders. The S&P shows this best.

There was little to suggest today's action would offer anything of interest going forward.  Only the Semiconductor Index managed to recover from a relatively deep intraday spike.