It was an excellent Friday for bulls with light volume the only mark against the indices. Semiconductors led the way as after much toing and froing in recent weeks the index finally made a decisive most past resistance. The breakout for the Semiconductor Index came with a solid uptick in relative performance against the Nasdaq 100, although this move should help Tech Indices follow higher.

There wasn't a whole lot attached to today's action except for the Semiconductor Index. The Semiconductor Index fell back inside its prior consolidation, falling below 1,620 in a near 2% loss. The Index was able to hold on to support of its 20-day MA on a neutral doji. Relative performance turned negative but the breakout is not killed yes.

It was a good start to the week with Friday's losses reversed in their entirety, although trading volume was down on Friday's selling. The Semiconductor Index is closest to breaking out (for a third time) but technicals are all net bullish. It just needs to kick on after the recent back-and-forth.

Friday's selling brought with it confirmed distribution; not great, but with indices range bound the broader picture remains unchanged. Only the Semiconductor disappointed as it again was unable to follow through on its breakout. Speaking of the Semiconductor Index, while Friday's selling took it back towards its 20-day MA - reversing the breakout for a second time - but not enough to consider this a 'bull trap'.