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Index Chart Updates

|Includes: IWM, QCOM, RWM, SDS, SPDR S&P 500 Trust ETF (SPY), SSO, VEU

It looks to me like the charts of major U.S. indexes are in the clear for the moment. I still believe we are in the final inning(s) of a major top, but it seems like markets may grind higher itno the end of 2014. Most resistance was taken out two weeks ago. Last week, markets nudged higher despite (what I see as) significant macroeconomic and socio-political risk. Here is a chart of the S&P futures (NYSEARCA:SPY), on a weekly basis. While it is not facing resistance at the moment, it's worth noting the divergence of rising prices alongside weakening moneyflow over the last two years.

The Nasdaq (NASDAQ:QQQ) is similarly comfortable, having broken through the bottom trendline(s). It doesn't appear to be facing resistance at the moment.

Stepping back from the relative peace of the broad U.S. indexes, it's worth noting that Russell small caps (NYSEARCA:IWM) have reached the underside resistance of a multi-year rising wedge that recently broke. This is a significant test, and may foreshadow weakness in the broader indexes should small cups struggle here (as shorts might expect).

Another source of potential risk worth keeping an eye on is the broader context of global equities. VEU, the Vanguard Global Equity fund, continues to show weakness.

One final note is on QCOM. I pointed out a massive 20 year pattern in QCOM a few weeks ago, suggesting that it looked awfully bearish. Late last week, QCOM dropped 10% after rallying to the underside of its broken long-term (20 year) support. It's a large Nasdaq leader that is worth keeping a continuing eye on.

Disclosure: The author is short QCOM.