Very little to say about today. Small gains keeps things positive although volume was light. We are coming to a point when rallies in the S&P and Nasdaq needs to develop a consolidation which at the very least moves things sideways - if not, down. The rally in the S&P hasn't stopped since October and a test of the 20-day MA would be welcome at this stage. However, On-Balance-Volume does have a breakout in support of price action - so the rally is not concurring in isolation.

After a relatively narrow trading range, Friday saw indices kick on with higher volume accumulation. With higher volume accumulation the S&P delivered a new swing high with a bullish cross in relative performance against the Russell 2000. On-Balance-Volume finished with a new multi-year high.

Rallies continued for indices with the exception of the Russell 2000, which made a support test of the breakout level. The Russell 2000 support test is helped by the proximity of the 20-day MA, although it's on the verge of a MACD trigger 'sell'.

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.