Last Thursday's gain in the indices had established the groundwork for consolidations, with the Tech and Large Caps best positioned to gain.  The Russell 2000 may have already run into trouble with its consolidation as today's loss came off its 50-day MA on higher volume distribution. Technicals are mostly bearish, although On-Balance-Volume remains on a 'buy' trigger despite today's distribution.

The Russell 2000 and Nasdaq are building sideways trading ranges with the potential for a double bottom using Thursday's low and the March swing low as the basis for the next phase of the rally. It's not a deep pattern, but given the rally which led into it, it's as much of a consolidation as once can expect to see.  In the case of the Nasdaq, Friday's gain wasn't enough to offset the MACD trigger 'sell' or the loss in relative performance to the Russell 2000 (although no 'sell' trigger).

More damaging action in the indices today as sellers found little in the way of blockers to push both the Russell 2000 and Nasdaq lower. We haven't seen much from sellers since February, particularly in the Russell 2000.  The Russell 2000 didn't pause at its 50-day MA as it makes its way toward the spike low from early March.  Given the rate of decline I would expect this to surpass the low and start a longer move down towards its 200-day MA. Volume climbed to register as distribution. j Certainly, there are the makings of a trading range wit the 200 level looking nnlike the low end of the range   The Nasdaq was another hard hit index as it shapes a mini-"z" measured move lower.  This index has struggled since an attempted swing low in early March and now finds itself staring at a possible move to its 200-day MA. There were 'sell' triggers in the MACD and Stochastic, but relative performance against the Russell 2000 has been gaining sharply, so while this inde...

It was a bit of a mixed bag for markets as the S&P and Nasdaq gained, but the Russell 2000 lost ground. Gains in the Nasdaq didn't quite make it above its 50-day MA but it's poised to make a relative switch advantage over the Russell 2000.

Friday was options expiration, which spiked volume, but it also saw higher prices for many of the indices.  The Russell 2000 was/is the lead index but it reversed its recent breakout to fall below support, but it did find support at its 20-day MA.  Technicals are a little mixed with a 'sell' trigger in the MACD and ADX, but bullish technicals intact for On-Balance-Volume and Stochastics. The index is still outperforming the S&P and Nasdaq.

Buyers stepped in at trendline support for the S&P and Russell 2000, and the 50-day MA for the Nasdaq.  All gains were on small volume, but enough to keep buyers interested. The Nasdaq opened at its 50-day MA, with an On-Balance-Volume 'buy' trigger to go with the earlier MACD 'buy'.  Only ADX left to turn bullish.

The S&P was always going to take its lead from the Dow Industrials as it followed the latter index to new all-time highs.  The percentage gain wasn't significant, but it was probably enough to register it as a return above trendline resistance. As a point of note, the index is still in the 90% of historic overbought action relative to its 200-day MA.