The headlines may have made it look worse than it was for the S&P and Nasdaq, but the gain in the Russell 2000 was important after a week of indecisive action. Volume climbed to register an accumulation day for the Russell 2000, along with a new MACD trigger 'buy' in support of the earlier 'buy' signals in Stochastics and On-Balance-Volume.

The Nasdaq gave up nearly a percentage point, but it remains well above its breakout level. It also continues to outperform relative to the Russell 2000. 

The S&P didn't give up as much ground and it remains well ahead of the last peak (resistance). Technicals are in good shape. The index is 14.7% above it 200-day MA, which keeps it in the 5% zone of historic extremes and at a place where a top may emerge.

Look for the Russell 2000 to push its advantage as it looks to reassert its leadership role. It will be important for the S&P and Nasdaq to hold their existing gains so as to prevent unwanted profit taking.