After Friday's gains in the Dow there was an opportunity for other indices to follow suit, but buyers suffered a bout of shyness. Tech and Small Caps finished the day near their lows after handing back early gains.

For the Russell 2000, the day finished with an inverse hammer just below its 50-day MA (which is about to 'death cross' with its 20-day MA). The inverse hammer followed Thursday's indecisive doji, leaving the gap vulnerable to a fill tomorrow. A new downward channel may be emerging here and needs to be monitored.

It wasn't much better for the Nasdaq.  Monday was effectively a repeat of Friday with the 'bear trap' still in play. However, technicals edge in favour of bears along with relative performance drop against the S&P.

The S&P was rebuffed by 2120 resistance, although the rising trendline may offer support and an opportunity to mount a fresh challenge of 2120.  Tomorrow could see this test.

While markets experienced losses, Friday's winning Dow didn't lose enough to reverse the breakout.

For tomorrow, look to the Russell 2000 for leads. Losses here will create further doubt in the breakout of the Dow, and the performance of other indices.