The S&P didn't break resistance with any great fanfare and the move lacked volume, but a breakout is a breakout. Technicals are in good shape with bullish momentum particularly strong, and a three month rising accumulation trend.

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. 

With the week behind us the S&P stood poised to break to new highs for the recovery rally,  following the lead of the Nasdaq which is already posting new multi-year highs. The Russell 2000 is looking a little more tentative as it remains below its 200-day MA on bearish MACD, ADX and relative performance.

The Nasdaq has been leading indices throughout 2020, even the sell-off caused by Covid19 was not as bad as was inflicted on the Russell 2000 or S&P. The latest gains are challenging the most recent swing high which was marked by a "gravestone doji" in addition to building on the break of 10,000. On-Balance-Volume is leading the indicators with a strong accumulation trend.