Buyers made a strong defense of the Russell 2000 as yesterday's losses were reversed - and then some. However, there is still some 2-3 days worth of buying required before it can be said to be challenging new highs. Weak shorts will have covered today but more staunch shorts will be feeling nervous; a move above 1,710 is a cover of any short.

Markets tilted in favour of bears although there was no expansion on the selling action from Friday. The S&P undercut the 20-day MA but volume was down a little on Fridays. However, the selling did come with a fresh 'sell' trigger in On-Balance-Volume and relative performance against Small Caps is teetering towards a new 'sell' trigger.

Sellers closed the week out but it was Large Caps which experienced the most significant loss on the day. The S&P gapped away from the channel resistance tag reversal. The index was left at its 20-day MA as it appears to be shaping another move to channel support. This was supported by a MACD trigger 'sell', a 'sell' trigger in -DI/+DI and higher volume distribution. 

There wasn't a whole lot to today's action except for further gains in the Semiconductor Index. Relative performance is positive and technicals are all in the green.