There wasn't a whole lot to Friday's action but the main thing was an advance against the tentative weakness which shaped up last week. Best of the action was the Russell 2000 as it gained nearly 1% to bring it back to its 200-day MA  Monday could be a critical for the index; look for a push above this moving average to follow the lead of peer indices. The index is also enjoying a relative performance advantage against the Nasdaq and S&P; so if money is going to flow into an index it's going to be the Russell 2000.

While sellers ticked up their activity there were enough buyers to keep prices stabilized, although supporting indicators have started to slowly rollover.  The one exception was the Semiconductor Index as it started the day at channel support and rallied higher. While the Semiconductor Index rallied off channel support it was left with a 'sell' trigger in the MACD and CCI. Price action is dominant so I have marked a 'buy' trigger at support but use a loss of the channel line as support.

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.