Finally, we got to see some movement in the S&P and Nasdaq as both indices finished with new closing highs. For the S&P there is still the potential issue of the bearish wedge as the index closes at its resistance. Technicals are mixed, although it's holding on to its relative performance advantage. 

Friday delivered a second gain for markets, enough to open the possibility for new swing lows to develop - although the falls were relatively shallow.  The Nasdaq had undercut its 50-day MA on Thursday's gap down before recovering. There is still some work to do before it can challenge its prior highs, but there was also a drop in volume on Friday's gains, which suggests there could be further struggles if gains continue.

Today's news was not the continued losses from the bearish wedge in the Russell 2000 as such losses have remained contained by the trading range.  Before moving on, the Russell 2000 does have the 200-day MA to look for as a possible positive test despite the net bearish technical picture. 

Sellers tried to put the squeeze on the indices with a large intraday swing lower, but by the close of business those loses were recovered for some of the indices. The Nasdaq had undercut its 20-day MA with a quick loss, but it recovered to finish with a 'bullish' hammer.  However, as the index is not oversold in momentum it's not a strong bullish candletick. Technicals are mixed with a 'sell' trigger in the MACD and ADX, but bullish On-Balance-Volume and Stochastics.  Selling volume was lighter, so there is no distribution.