More gains for the market kept the rally intact which leaves little to add today. The only potential cloud on the horizon is the Semiconductor Index. Today finished with a gap higher with a bearish hammer which may become a bearish shooting star if there is a gap down and further losses by the close tomorrow. The rally from September lacks a pullback so some form of sell off is anticipated

Friday saw a nice little finish for markets with the Nasdaq, Nasdaq 100, Semiconductor Index and S&P all doing well as strong earnings from multinationals keep the rally chugging along.  The only index to remain on the outside was the Russell 2000 as it continued to map its 'bull flag'. The S&P reaffirmed its breakout after looking like it had topped out.  Keep an eye on the MACD as it sits on the verge of a new 'buy' trigger well above its bullish zero line; On-Balance-Volume is also performing strongly. A pop like it enjoyed in late September would not be surprising.

Early morning selling was reversed by the close to leave markets in a stable position and their rallies intact.  For the S&P, the risk of a 'bull trap' was negated with a return to support on higher volume accumulation.  The recovery wasn't enough to reverse the MACD trigger 'sell' but any upside tomorrow would probably be enough to trigger a new 'buy' signal in this indicator.

Sellers made a return but it wasn't anything too damaging. The Russell 2000 had attempted a 'bull flag' breakout but was rebuffed to fall back inside the consolidation and close to yesterday's lows. This still looks to be mapping a consolidation and it may need a test of the 50-day MA to drive a fresh rally.  The only concern is the rapid loss in relative performance but everything else looks okay.