There wasn't much to today or Friday, but bulls kept the pressure on shorts in existing positions. The Russell 2000 had the best of the (modest) action, edging a breakout from the narrow, 6-day handle. A move to upper resistance remains favoured; watch for a 'bull trap' on an undercut of breakout support.

The S&P posted a modest gain, enough to push the boundaries of the fib range out, but little else.

The Nasdaq remains trading within its range, and above 4,601 support. The tight action is a swing trade opportunity on a break above/below resistance/support.

The Semiconductor Index continues to shape a handle above a measuring gap. The presence near handle support is a potential long opportunity, with a stop on a close of the gap. Action in this index favours an upside breakout.

Tomorrow is another day. Favored is a breakout in Tech indices, with continued gains in the Russell 2000; minor losses will quickly erase them, but not break the October rally.