The Nasdaq managed to emerge with a small gain on Friday which was enough to return the index to its leadership roll. Technicals are net positive and despite Friday's lower volume it remains well placed to push on.

The Russell 2000 hasn't yet cleared its trading range but it has regained its relative leadership role versus the Nasdaq and S&P.  Today's trading also came with higher volume accumulation.  While seasonal factors would offer a more pessimistic outlook, if the Russell 2000 ($IWM) was able to push beyond $234 it would deliver a whole new (bullish) market outlook. Supporting technicals are net bullish. 

The bait-and-switch of the Russell 2000 gain followed by the move in the Nasdaq has left the latter index in the best position to push on.  While Friday's gain in the Russell 2000 was welcome, the trading range muddied the issue.  The Nasdaq has none of this overhead and the breakout has room for further upside given its working at all-time highs. Technicals are net positive; it even managed to regain its relative performance advantage against the Russell 2000

It has taken a few weeks for something desicive to happen in the market, but it looks like Friday delivered on some low key bullish promise with a firm accumulation day.   Best of the action was reserved for the Russell 2000 ($IWM) as it pushed through its 50-day MA with a solid white candlestick.  Technicals are net bullish with a key relative performance up tick against the Nasdaq and S&P. Small Caps look to be in the ascendancy, so now it's question whether the index can go on to break from its trading range.