After yesterday's gap down there was a bit of a reactionary bounce to the selling.  Indices have confirmed breaks from rising channels, so now it's a question of defining how long indices will move sideways for; there is still plenty of support to work with should indices fall further. The S&P has major support at 3,025 which is close to the 50-day MA. Volume fell, in line with consolidation action. A safe Hold for now.

It was no surprise to see indices fall to - or out of - their narrow channels as traders look to consolidate the advance. In the case of the S&P this resulted in a fresh MACD trigger 'sell' and higher volume distribution.

It was a rare Thanksgiving Friday which didn't see indices close higher as has often been the case in recent years. However, there was no significant damage done to indices by Friday's half-day selling as junior traders ruled the roost. The Russell 2000 suffered minor losses but remained well inside the rising channel on bullish technicals.

Bulls are starting to put a bit of distance on the prior consolidation of early November and this will only make it easier to extend gains when Santa comes to town.  As it stands, all bar the Russell 2000 are at multi-year (10-year+) highs. The S&P is running inside a rising channel with well defined support and resistance. It's still underperforming against the Russell 2000, but other technicals have returned net positive.

Indices didn't make big percentage moves, but gains were welcome and followed from morning gaps on higher volume accumulation. The S&P managed to make a new closing high although it did lose relative ground against the Russell 2000 - enough to register as a 'sell' trigger. However, this is bullish for the broader market as money rotates into more speculative issues.

There wasn't a whole lot to Friday's action but for many indices the week finished with a  sequence of 2-3 dojis at - or just above - 20-day MAs. There was some creeping weakness with MACD trigger sell signals, but other technicals were still positive enough to make this a minor concern. For the S&P, the last couple of days action on the week came with falling volume; for a rally which has moved consistently higher since October, some sideways action can be expected.

No surprise to see profit takers make an appearance on heavy volume distribution. Despite the selling there was no real damage done to indices. The Russell 2000 was closest to breakout support but today's selling just managed to tag breakout support without violating the support level. There is a MACD trigger 'sell' to reverse along with a relative under-performance against the the S&P.