A bit of a mixed bag with the Russell 2000, having enjoyed prior strength, now finds itself in the process of back testing support - with the $229 level key.  Volume rallied to mark distribution to go with a relative underperformance to the Nasdaq.  Strength in the Russell 2000 is key for the broader averages but we need to see a bounce here if we are not to see a return to the prior trading range (of March-May).

There wasn't a whole lot to today's trading, but the Russell 2000 did manage to break out of its trading range on higher volume accumulation.  Technicals are net positive, including relative performance.

Indices enjoyed a solid Friday as buyers undid Thursday's losses.  The Nasdaq is still underneath trendline resistance, but above its 50-day MA. Technicals are mixed with the 'sell' triggers in On-Balance-Volume and ADX offset  by bullish technicals for the MACD and Stochastics.

I had mentioned previously how the Dow Jones Industrial Average was set up for a double top with a pair of gravestone doji, but it was the Nasdaq which lost more on the day. The Nasdaq gapped down off resistance but it remained above its 50-day MA. The MACD and Stochastics are on a trigger 'buy', with other technicals bearish - so there is a bit of a mixed bag here. The index is underperforming relative to the Russell 2000, but with the trading range still in place, any action between support and resistance is of lesser significance.

It was a bit of a mixed bag for the indices. The Dow Jones Industrial Average posted a second gravestone doji following the earlier one at the start of May.  The index is still above trendline support, lead moving averages (20-day, 50-day and 200-day MA) and technicals are net positive - including relative performance - but two gravestone doji at a peak are a potential concern.

The bounce is struggling to attract buyers with Friday's close registering as a small gain with low volume.   In the case of the Nasdaq, the measured move lower would deliver a tag of the 200-day MA, making it an attractive forecast. Technicals are mixed with 'buys' for the MACD and Stochastics, offset by relative performance shifting back in favor of Small Caps. 

The initial enthusiasm for the bounce from May lows is slowing as the intraday range tightens across indices.  The Nasdaq is trading above key moving averages with a MACD trigger 'buy' and a fresh 'buy' trigger in stochastics. However, the Nasdaq is in a trading range and until this breaks, any action within the bounds of support and resistance is just noise.