It was looking good for the indices in early m the day, but by the close indices weren't able to hold on to their gains. However, all indices finished in positive territory and any (small) upside tomorrow would likely be sufficient to maintain momentum. The Nasdaq closed today with a 'buy' trigger in the MACD and ADX, along with a 'buy' trigger in On-Balance-Volume.The Nasdaq is outperforming the Russell 2000 and while it has enjoyed just over a week's worth of gains it has so far resisted the initial move to the measured target. 

Friday's rally offered a promising open with a gap higher, but there was no follow through on these gains.  In the case of the Nasdaq, there was a close above the 50-day which also picked up the 20-day MA but if the gap is to register as a true 'breakout gap' it cannot close. There was  a 'buy' trigger in OBV to go with today's gain. The index is still outperforming Small Caps as it looks to build on its leadership role as the primary home for funds. 

An easy headline which has played out as true, although the same bounce occurred in the Nasdaq well before the measured move target is reached. In the case of the S&P, the measured move target is above the 200-day MA - a typical support level and a more likely area for a bounce - so it remains to be seen if this bounce will hold but it does provide a level to set protective stops (for existing positions in the S&P and member stocks). Note, technicals are all net negative and aren't really in support of a bounce, with the exception of short term and intermediate stochastics which have converged at an oversold state. 

Sellers again stamped their authority on markets with significant pushes lower which completely erased the weak buying of Tuesday. Markets remain on course to reach their measured move targets.  The index closest to doing so is the S&P.  No surprise to see technicals for the S&P net negative although the index continues to outperform speculative Small Cap stocks. Volume climbed to register distribution, an additional confirmation for today's selling. Once the measured move target is reached - likely tomorrow - next up will be the 200-day MA.