It wasn't a particularly exciting Friday but there were some points-of-action of interest. I had tweeted about the weakness in the Russell 2000 but there wasn't much satisfaction for either side. The Russell 2000 finished with a narrow doji at the 50-day MA. As it failed to close below the 50-day MA bulls will be satisfied with a successful defense of the 50-day MA but the narrow intraday range offers a bigger swing trade off a break of the high/lows from Friday. There is still a chance a break below the 50-day MA will kickstart an acceleration towards the 200-day MA and this still looks like the preferred outcome. Any move back inside the 'bull flag' will open up for a 'bear trap' and a likely break of 1,500 - a move above 1,480 will open up a long trade opportunity.

There were gains for all market but the Russell 2000 was able to dig in and come back after an early loss of 'bull flag' support. The Russell 2000 was able to rally back after testing its 50-day MA; those traders waiting for this will have benefitted from a handy risk:reward.

Some light selling across Large Caps and Tech indices meant there was little of interest for today/s action. The only action of note came in the Russell 2000. After inching towards 'bull flag' resistance the Russell 2000 took a leaf out of the sellers book and reversed back towards 'bull flag' support. It's looking vulnerable to a further profit taking which would threaten 'bull flag' support, although the fast approaching 50-day MA could step in to help.  Technicals are weak and weakening as relative performance swings away from Tech (strongly away) and Large Caps.  A failure at the 50-day MA would next open the 200-day MA; at the latter point I would expect Stochastics [39,1] to be oversold.

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