The Nasdaq and Russell 2000 both enjoyed pushes to new all-time highs, albeit on relatively light volume. Despite the gain, the Nasdaq lost relative ground against the Russell 2000 but the gain keeps the November trend running.  Technicals returned to net bullish. 

There is still work to be done but indices are trying to make back lost ground from last week. If there is a concern it's that buying volume wasn't great. We will start with the Nasdaq; Friday's selling drove price action into the rising trendline, while Monday delivered a recovery. The swing high from January hasn't yet been challenged. Only the MACD is on a 'sell' trigger and it will take more than a couple of days of buying to bring this back into net bullish territory. 

I doubt anyone wants to read about anything else but Gamestop stock, but the broader market marches on.   The S&P is trading at its 50-day MA after undercutting rising support on Friday.  There was a break of the mid-line in Stochastics, but technicals are not fully bearish with On-Balance-Volume still to flag a 'sell' trigger.  On a positive note, the S&P is making up ground against the Russell 2000.

Semiconductors suffered heavy selling which broke support of the rising wedge in a 5% loss. This had obvious knock on effects to other indices such as the Nasdaq and S&P. It's too early to say if this is the start of a major swing high or just a heavier than expected selling day. The key thing from the Semiconductor Index is the gap down from the sell off, breaching support and the 20-day MA undercut. If this is a significant breakdown, then the gap can't be closed (and really, shouldn't be challenged). It's going to take a few weeks for this to recover, even if it does recover. Semiconductors have come a long way in the last five years, but now looks a time for a period of sideways action.