The post-Thanksgiving recovery offered some modest profit taking with Semiconductors experiencing the worst of the selling but the Nasdaq tagging resistance before reversing.  It offered the clearest 'sell'/profit take trigger after the August support 'buy' signal. Given action in other indices it could break above resistance, accelerating gains, but taking some profits here would be prudent.

Thanksgiving Wednesday was never going to generate an exciting day but it was good to see early week gains retained. Upcoming Thanksgiving Friday is typically a day when Junior traders go wild and decent gains are posted - even if trading volume is light. With last week's lead action I wouldn't be surprised if this pattern was to repeat. Tech Indices have been leading the charge in recent days and I would look to the Nasdaq and Nasdaq 100 to be the primary chargers on Friday. Technicals are firmly in the green.

The S&P broke higher to confirm a 'bear trap' and also closed at a new all-time high. Volume climbed to register an accumulation day but there were further losses in relative performance and continued losses in the MACD.

The Russell 2000 followed through higher with a break of resistance and a bullish cross of mid-line stochastics. The 'bear trap' follow through is for new all-time highs. Watch for a MACD trigger 'buy' to support the 'bull flag' break.