The rally has entered its third month, although the intraday range of the daily bars remains very tight.  There was some weakness today, mostly on the Russell 2000, which reversed off its 200-day MA. The Russell 2000 reversal was a fairly picture perfect move off 200-day MA resistance.  Shorts may want to take a sniff at this as the MACD prepares to trigger a 'sell'. One point to add is that ROC is firmly on the bearish side of the market and has been relatively immune to the gains in price.

It was another day of small margins but even with this there were still important moves to consider. The Russell 2000 finally achieved what other indices had done a week earlier and tagged its 200-day MA. Other technicals are in good shape but ROC is still in bearish territory but the index is outperforming the Nasdaq.

It's all getting very constricted and narrow at resistance but bears haven't been able to break this extended rally. While I have marked nascent potential short positions at such resistance they remain vulnerable to any decent one-day's gain. Ideally, I would like to see indices drift back to their 50-day MAs but nobody seems willing to blink.

Indices continued to post small gains which left the S&P nestled against resistance. I have marked the S&P as a possible short at such resistance as volume was lighter than usual.