Friday saw the S&P and Dow Jones Industrials continue to post gains as other indices drifted along in narrow trading.  The S&P is on a ribbon rally of small, steady gains that brings its relationship to the 200-day MA to 16.1%, which is between the 99% to 95% of historic price extremes; this is a rally which is running hot.  There is no slowdown in technical strength, or bearish divergences to worry about, and relative performance remains good after an extended period of underperformance - so no reason to not see this rally continue despite its extended nature.

Buyers took advantage of yesterday's S&P light losses to push the index to new highs. Today's buying was enough to register it as a day of accumulation with good relative performance. Shorts have little to work with, which makes it an easy win for buyers and existing longs.

The headlines may have made it look worse than it was for the S&P and Nasdaq, but the gain in the Russell 2000 was important after a week of indecisive action. Volume climbed to register an accumulation day for the Russell 2000, along with a new MACD trigger 'buy' in support of the earlier 'buy' signals in Stochastics and On-Balance-Volume.

There was little change for markets between Friday and Monday.  Only the Russell 2000 is indicating it might lose more ground, although it hasn't lost support of its 50-day MA yet.  For the Russell 2000, the MACD is still holding to a 'sell' trigger, along with a strong 'sell' in ADX and relative performance.