Friday didn't bring a change in markets as the S&P, Nasdaq and Nasdaq 100 held their breakouts while the S&P struggled to negate its double top. The S&P lost a little ground but remains well above breakout support. The biggest loss was seen in relative performance but only because the index has suffered an extended period of relative decline and had only begun to reverse that.

There wasn't a whole lot going on today except Small Caps were able to attract some buyers despite finishing below resistance; bulls have been taking advantage of the 20-day MA test. Today's action coincided with 'buy' signals in the MACD and +DI/-DI.

Given overnight news and Netflix disappointment I was surprised to see markets finish as strong as they did given comments on the economy by the Fed Chairman. The S&P opened at support and 'engulfed' the prior day's trading; it's not a true bullish engulfing pattern as this is a reversal pattern and what we have is a breakout but it does contribute to a confirmation of the breakout.

Large Caps and Tech indices enjoyed a good week with breakouts holding by Friday's close. There was no real volume on the breakouts but new highs leave markets in a position to attract sideline money. The S&P didn't do a whole lot on Friday but it remains on course to test channel resistance. Technicals are all in the green and the previous period of underperformance against the Russell 2000 looks to have shifted back in Large Caps favour.