The 'bull trap' in the Semiconductor index is now negated.

The S&P closed with a bearish inverse hammer on Friday, which could turn into a bearish shooting star if there is a gap down on Monday.

Another good day sent indices back to highs, but it was the Russell 2000 that probably came out best. The S&P is primed for some follow-through tomorrow.

Today is no different to yesterday; shorts stick with the Russell 2000, longs with the Semiconductor Index.

A solid day for Semiconductors saw a solid breakout from the recent handle (without a violation of the measuring gap), which even managed to mount a challenge on the September 'bull trap'.

arge Caps managed to keep themselves out of the limelight with a mid-morning recovery after an opening sell off. Best of the action belonged to the Russell 2000.