Last week finished on a high with breakouts in the Russell 2000 IWM, S&P 500 and Nasdaq.
The Russell 2000 went a step further with a breakout on the weekly time frame too. The break on the weekly time frame for the Russell 2000 is critical as it marks the start of a right-hand-side base after repeated attempts to clear $195 ($IWM) had failed.
If there is a concern (across the board) it's that breakout volume was modest.
The Nasdaq kept up with its step-by-step rally, delivering a breakout with new 'buy' triggers in the MACD and On-Balance-Volume, although the former indicator had flatlined so it's not the most effusive 'buy' trigger.
The S&P 500 gained just under 1%, a little less than the Nasdaq, but the breakout was just as valid.
The index has a much stronger accumulation trend than the Nasdaq, and with all indexes in alignment on breakouts with small-cap leadership, all indexes should continue to perform well.
Heading into this week, we may see some early weakness, and if we do, it will be important we don't see a close below Friday's open.
If this was to happen, we would be at risk of a 'bull trap'. Intraday losses, even losses that undercut the breakout are okay, it's how markets finish that's important.