Friday's selling brought with it confirmed distribution; not great, but with indices range-bound the broader picture remains unchanged. Only the Semiconductor disappointed as it again was unable to follow through on its breakout.

Speaking of the Semiconductor Index, while Friday's selling took it back towards its 20-day MA - reversing the breakout for a second time - but not enough to consider this a 'bull trap'.

The S&P didn't lose too much ground as the defensive index remained above its 20-day MA on minor losses.  It remains close to resistance, favoring a breakout at some point in the near future.

Same goes for the Dow Jones Industrial Average, while it loses a little more ground than the S&P it well-positioned for a breakout.

The Nasdaq is also well set for a breakout. Converged 20-day and 50-day MAs is available as support as needed. Because Friday's selling ranked as distribution it did mean the week closed with a 'sell' trigger in On-Balance-Volume.

Small Caps are holding on to the 200-day MA but is someway from delivering a breakout.

Traders should be ready for breakouts in S&P, Dow Jones Industrial Average, Semiconductor Index and Nasdaq. The rally will have a near 2-year consolidation to clear, which should offer something substantial to bulls and momentum traders; patience will pay off.