Image Source: UnsplashThe options expiration seen on Friday clouded the volume picture, particularly for the S&P 500, but it was a day for buyers to build some momentum into the Santa Claus rally. The FOMC rate statement put a huge dent in prior rallies, as the S&P 500 was faced with a ‘bull trap’.Although it was the Russell 2000 (IWM) that found itself most on the back foot after undercutting its 50-day MA. It also appeared to be looking at the 200-day MA as its next test. It was the only one of the lead indices to turn net bearish in supporting technicals; the November breakout gap is no more. What’s more likely to occur in the coming days is a new trading range, bound by November highs, with the $205 mark potentially serving as a support level. The S&P 500 had resisted much of the selling encountered elsewhere, but the FOMC put a huge dent in its performance. Its relative performance to peer indices was poor before the announcement, and it actually did a little better afterwards. For the remainder of the year, we need to track how it does relative to its 50-day MA; if it can hold onto the 50-day MA support, then it would have a good chance to (re-)challenge the 6,000 resistance level. The Nasdaq is seemingly the new market leader. It has been outperforming peer indices, and it managed to close above breakout support after an intraday trip below that level. As with the S&P 500, options volume clouded what came in as an accumulation day. If you want a short-term trade for the rest of the year, Santa may have a good chance of delivering a retest of the 20,000 figure. Additionally, an honorable mention should go to the Dow Industrial Average. It turned net bearish in technicals, but found itself defending former resistance-turned-support. There is a chance of a retest of its 50-day MA occurring before the year is out, but this would not be the most attractive trade opportunity. On a final note, the Semiconductor Index registered a breakout, but it was left staring in the face of a major ‘bull trap,’ with technicals turning bearish very quickly. While I am more optimistic on Friday’s bullish action in other indices, I’m less so with the Semiconductor Index. All of those converged moving averages appear to form resistance once more. I’ll be posting again in the New Year. Santa has still to visit, and for futures traders, there are nice setups on offer. I’ll wait until 2025, though.More By This Author:Semiconductor Index Mini-BreakoutNasdaq Surge As Russell 2000 StumblesRussell 2000 Tags Support