The S&P made a small gain but it may have been enough to register it as a breakout. Volume was light but the sentiment was not. The gain was enough to return a relative performance advantage against the Russell 2000

Friday offered a low key finish to the week with both the S&P and Russell 2000 left much as they were on Thursday - ready to breakout. Technicals are net bullish, with the Russell 2000 enjoying a relative performance advantage against both the Nasdaq and S&P.

The past couple of days have been good for the Russell 2000. There is a bit of upside momentum in addition to an acceleration in relative performance against market leading Nasdaq. All supporting technicals are positive, including a fresh MACD 'buy' trigger today. It's a good time for Small Caps. 

One step back - one step forward. The S&P made back most of yesterday's losses on slightly lighter volume than the previous day's distribution selling. The breakout has yet to occur but today's gain keeps that possibility intact.