Friday's partial trading delivered a final boost before holiday hangover selling kicked in. There is plenty of room for profit taking in the Russell 2000; look to Fib retracements for pullback opportunities. One thing I had missed was the profit take warning in this index; the Russell 2000 has tagged the 14.3% and 12.3% push above its 200-day MA which is in the 10% zone of historic price action dating back to 1987 (see table at the end of this post).
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Other indices haven't yet extended themselves so far. Profit Taking, while expected, isn't as likely to be as extensive as for the Russell 2000.
The S&P has Fib retracements to look too.
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The Nasdaq likely hasn't driven far enough beyond resistance to encourage significant profit taking, but it can't be excluded if sellers do make an appearance in other indices.
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For tomorrow, look for additional profit taking in the Russell 2000 and other indices to follow.
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