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.

After the success in the S&P and Semiconductor Index it was now the turn of the Nasdaq to follow the lead action. The Nasdaq pushed above 8,330 resistance on lighter volume but net bullish technicals.

Sellers tried to reverse the breakouts in the indices but were instead undone by higher volume buying. Indices which had broken out remained above resistance, while those still waiting remain well placed to do so. The S&P tagged breakout support on higher volume accumulation. There has yet to be a supporting breakout in On-Balance-Volume to match the breakout in price but volume rose in accumulation.

It didn't take long for the S&P to follow the lead of the Semiconductor Index with a breakout of its own. The move was not substantial, barely registering above a 0.5% gain, but it did clear 3,025 resistance, which is now new breakout support.