The Russell 2000 experienced the second day of losses in a row as the 20-day MA remained as resistance. Relative performance accelerated lower as money rotates out of Small Caps to Large Caps and Tech stocks.

Another day of small gains keeps the rally moving for another day. The Russell 2000 probably got the most out of today as the index closed at its 20-day MA and is now in a position to negate prior spike high tags of the latter moving average. If there was a short play on the initial tag of the 20-day MA it looks done now. The MACD is in recovery mode but is on course to trigger a 'buy'.

There wasn't a whole to Friday's action but Semiconductors did enough to negate the two potential short plays on offer as it managed a new closing high for the December - March rally. Semiconductors enjoyed a relative performance gain against the Nasdaq 100 which should ultimately help the latter index (and the Nasdaq). The CCI returned to bullish territory but the MACD is going to need a couple more days of gain to switch 'bullish'.

There wasn't a whole lot to today's action. Weakest of the indices, the Russell 2000, may be offering shorts a second bite of the cherry following a rebuff off the 20-day MA, but it was not a decisive reversal.  Semiconductors have so far failed to challenge the February high and this weakness may make its way into the Nasdaq and Nasdaq 100 which are faring slightly better. The S&P (along with the Dow) had a quiet day. A very narrow doji following yesterday's 6-month high keeps the rally going and the 200-day MA is there to lend support.