Yesterday was a relatively wide intraday range day for markets, but by the close of business most indices were back where they started.
The biggest gain on Monday came from the NASDAQ, but it closed with a doji at a swing high. This is typically a neutral candlestick, but can also mark a reversal. The NASDAQ is starting to run a relative performance advantage over the Russell 2000.
The S&P came close to tagging the 20-day MA in the process of day's intraday swing. Technicals are all net bullish with the exception of the relative performance to the Russell 2000 which has remained in a long term decline since October.
The Russell 2000 (via IWM) took a small loss which is also pushing a relative underperformance trigger against the NASDAQ. Small Caps had enjoyed a performance advantage over the NASDAQ since November but this looks ready to change. Watch for pending 'sell' triggers in the MACD and On-Balance-Volume.
The Dow Jones Industrial Average tagged the rising trendline (and 20-day MA) on a doji in a successful test. However, unlike other indices—the S&P included—the MACD, On-Balance-Volume and ADX are net bearish.
We will be watching the Dow Jones Industrials average for leads to see if weakness in this index spreads to other indices.