We are still seeing most of the leg work been done by Large Cap stocks while Small Caps remain caught within their base.  Trading volume was below Friday's selling, and only the Nasdaq had action of note as today's doji left it bang-on the bearish black candlestick of last week; any gain tomorrow will negate this bearish candlestick.

After Thursday's decline it was Friday's recovery which finished the week on a high note, although buying volume was down on Thursday's distribution.   The S&P did close on a new all-time high, but it remained below the trendline.  Technicals are net positive and remain in good shape.

It was a day when sellers made a break at the open, but weren't able to press the early advantage.  For the Nasdaq, the early gap down rallied back from above its 20-day MA - and well above its breakout level. Given yesterday's 'black' candlestick, the likelihood of a stall out on a retest of 14,755 is quite high. 

On the surface, it looked to be a generally positive day with the Nasdaq gaining and the S&P recovering earlier losses - but the Russell 2000 ($IWM) pushed a clear cut of $228 and is now back inside the prior trading range.  The Russell 2000 did find support at its 50-day MA, but beyond a test of the March swing lows there isn't a whole lot of support available.  Adding to that, relative performance against the S&P took another step lower - only Stochastics is net positive.