The Nasdaq is accelerating through channel resistance as relative performance continues its run of good form. Technicals are all good as Friday's action registered as accumulation.

It was another good day for indices with Small Caps taking the title as "Index of the Day". Small Caps have been feeling a little left out as 2020 rolled in (based on relative performance to Tech and Large Cap Indices), but today saw some of this lost ground returned. The Russell 2000 (through the $IWM ETF) still has to reverse the MACD 'sell' and it will need more than a few days of gains to reverse the relative underperformance. Volume was a little light, but this can build if these gains continue.

The week started brightly, although buying volume was light. However, the Nasdaq is looking to accelerate its rally as today's gain pushes against channel resistance. Given broad technical strength I would look to see a break by the end of the week.

Friday's action saw a small loss against what was a positive week for indices. Volume was light, reflecting a lack of conviction on the part of holders to want to take profits.  Although it was probably more a case of a break in buyer activity, for what was a gradual increase in trading volume for 2020  as Traders work their way back from holidays. The S&P remains in good shape as relative performance picks up the pace. The MACD is a little flat but other technicals are looking good.