Very little to add from what has gone before; rallies continue higher with supporting technicals still positive (no bearish divergences of concern). The S&P continues a run of small gains which keeps bulls happy without risking a run-away extension which could encourage early profit taking. The index is under-performing against the Russell 2000 - which is healthy in a cyclical rally.

Friday was more of the case of preserving gains and undoing some of the potential 'topping' candlesticks which had emerged on Thursday.  Volume was down from the previous day, but there is now a decent buffer across markets to protect against future weakness. The S&P has matching breakouts for price and On-Balance-Volume but the index continues to underperform relatively against Small Caps.

No real surprises today but the most important aspect to today's trading was the fact index breakouts held for another day. Small Caps lost a little ground but didn't undercut the breakout level.

Monday it was the turn of the Dow Jones Industrial Average to break higher, joining the S&P. Despite this, the index is still underperforming against the Nasdaq 100.