After Thursday's strong performance the Russell 2000 tagged channel resistance, offering a chance for some profit taking and potentially a shorting opportunity too. Technicals remain healthy although the index continues to struggle in relative performance against the Nasdaq.

The Nasdaq 100 also cleared its channel, negating the potential short position on the channel tag. A new short position will offer itself if it can generate a ‘bull trap' (i.e. a return inside the rising channel).

Meanwhile, the ‘bull trap' in the Semiconductor Index is still in effect despite the last two days of gain.

For tomorrow, watch for ‘bull traps' in the indices which have broken channel resistance. The Russell 2000 is the best of the trading opportunities (as a short).