A slow start after MLK day led to minor losses for markets. Technicals remain positive with the S&P enjoying a sharp uptick against Small Caps which experienced a loss (although not a great loss).  Indices remain defined inside existing rising channels, or in the case of the Nasdaq, just above. The lack of a significant loss in the S&P helped keep the indices inside their narrow channel.

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.

Overall, it was a good day for indices despite Middle East tensions.  The margins are small, but the S&P is moving nicely along rising trendline support, while the Nasdaq is running along upper resistance. The S&P is enjoying a relative performance advantage although the MACD has drifted into a 'sell' trigger. Other technicals are good and price action is strong. Volume inched higher as accumulation.

Markets were able to make up some of the lost ground from New Year's early losses. There was no great damage done up to today, but today's action did register as accumulation. For the S&P, the latest rally is from an adjusted rising trendline which was used as support today. However, today's rally wasn't enough to prevent a MACD trigger 'sell'.