Solid gains across the board but it was holders of Dow Jones stocks which had the best of the action, continuing a sequence of gains triggered earlier this week.  The Dow Jones Industrial Average will soon be dealing with channel resistance but not until Friday if not early next week. Technials are good. The benefit of this strength was seen elsewhere too

The Dow was the lead index on the day as it marked a new closing high and kept the rally on course to test its accelerated upper channel. Technicals are bullish with the exception of the MACD which is on the verge of a new 'buy' trigger.

Tech and Small Caps are starting to slip from their summer advances. This may be a simple change in pace but longs for these indices will be looking to 50-day MAs to attract buyers; if these are swept it will leave support lacking until July swing lows and/or 200-day MAs. The Nasdaq fell outside of its rising channel after three prior successes. Volume climbed to register as distribution.

There wasn't a whole lot to Friday's action but two indices which were struggling a little did benefit. The Semiconductor Index gained 1% as it bounced strongly off the bullish 'morning star'. The consolidation triangle looks to be shifting to another pattern but resistance from triangle swing highs remains in effect and is the next challenge of the index.  Technicals are net bearish and relative performance, while recovering, hasn't yet undone the most recent 'sell' trigger.