The Nasdaq didn't lose ground, keeping its breakout run intact. Technicals are net positive with no bearish divergence to be concerned about.

There wasn't a whole lot of change on Friday, although the breakouts established in the S&P and Nasdaq held.  The rarity of triple tops was confirmed by the third attempt by the Nasdaq to break resistance as it did during the summer of 2020.  The breakout was established with a confirmation in On-Balance-Volume 'buy' signal and a relative performance advantage over the S&P

Yesterday's push above resistance for the Nasdaq was retained on today's tight action.  Technicals are net positive and outperforming the Russell 2000, although trading volume was relatively light. 

We are seeing more definition in the trend direction for some indices, but even with Friday's losses, a more likely outcome for the weeks ahead is sideways trading with May lows a potential support anchor for this. The S&P undercut its 50-day MA on Friday's close on higher volume, although options expiration will have weighed on the volume.  May's swing low is next, which if held would mark a new level of support for my suggested trading range. 

Some decent stuff from indices without rocking the boat. The Nasdaq is back pressuring the 'bull trap' as it looks to break to new all-time highs above 14,211. Technicals are net positive including a relative performance advantage over the Russell 2000.  Trading volume is a little light for a resistance challenge, but I would look for this to change on the break.

Yesterday's gains in the Nasdaq pushed above resistance to challenge the April 'bull trap', but there wasn't the follow through needed to maintain the breakout. Technicals are net positive including relative performance versue the Russell 2000.

Friday didn't offer a whole lot for Large Caps or Tech Indices; volume was down and the net position for the indices was unchanged.  The Nasdaq is caught below internal base resistance (anchored by the March swing lows).