The NASDAQ sold off sharply last Thursday and Friday, although volume only expanded on Thursday, which added one more distribution day to its count. However, the NASDAQ is no stranger to this sort of volatility, not to mention, it halted its decline at logical support, bounced and reclaimed its 23-EMA on Friday, which is constructive.
The S&P 500 fell back below its most recent area of significant support last Thursday and Friday, although not by much. NYSE volume expanded on Thursday, which added one more distribution day to its count, however, it finished the week well above its 21-DMA, clearly exhibiting more strength than the NASDAQ.
The small-cap Russell 2000 ultimately moved sideways on light volume and continued to hold up above critical support at its long-term 200-DMA, which is considered constructive action.
The DOW has been consolidating constructively right above critical support for the last couple weeks or so and is now sitting right on top of the area where its moving averages have converged to the upside, which often precedes a move higher.