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Despite Thursday’s bullish accumulation day, the market was unable to muster any follow through on Friday. A brief review of the S&P 500, DJIA, Nasdaq, small-cap Russell 2000 and S&P MidCap 400 should help to shed some light on the current state of affairs in the broad market. The S&P has formidable resistance at 1,370 but also has strong support at 1,350 and 1,340. The DJIA has a key resistance level at 13,015. The Nasdaq is finding 2,965 a difficult threshold to cross as it failed to hold this key mark two of the past four days. The S&P MidCap 400 has struggled with the 990 level. Three times in the past six sessions, the mid-cap index has been unable to rally above this key mark. The Russell 2000 is, in our opinion, showing the best price action of all of the major indices over the past three weeks as it has been building a base during this entire timeframe. If the Russell can clear 833, it should see a significant rally.

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