It was looking to be a struggle after last week's series of 'inverse hammers' had set up what looked like swing highs for indices but these have been cleared by today's gains. In the process of doing so the S&P closed above the 20-day MA with 'buy' signals in the MACD, On-Balance-Volume and Stochastics. Only relative performance is underperforming.

Markets delivered a strong end-of-week close which for many meant a close near spike highs. The strongest finish of the week was delivered by the Nasdaq 100 - it posted a new high as it builds a challenge on the January 'bull trap'. Volume climbed to register an accumulation day. If bulls are in control then the Nasdaq 100 should see some follow through higher; note the strong relative performance against the Russell 2000.

Starting to see evidence that the February bounce in markets is fading. The Dow Jones Industrial Average finished with a 'bull trap' as it ducked below breakout support despite finishing above yesterday's close. Volume dropped as relative performance against tech indices took a marked step lower. Troubling times for the 'flight-to-safety' route.

Markets were set up for sellers with most indices experiencing broad selling. However, the one index which looked set up best for shorts - the Semiconductor Index - actually managed to gain.  Anyone taking up Friday's short in the latter Index will have been stopped out but another shorting opportunity may have presented itself. Technicals haven't returned to becoming net bullish but only the ADX remains to shift.