Today was a big non-event. There was probably hope for more from the Greece story, but a stay of execution keeps things ticking over for another couple of days. The S&P was kept pegged below 2,135, but maintains its trendline breakout.

After Friday's options expiration it was left to bulls to pick up the pieces of Friday's distribution selling. Large Caps were able to erase Friday's losses. In doing so, the S&P regained its net bullish technical picture. The Nasdaq banked most of its gain by the open, but it did enough to leave a decent amount of wiggle room to breakout support.

Large Caps suffer heavier selling; not enough to break the declining resistance trendline, but enough to register as distribution in one of the heaviest sell off days for 2015. Part of this volume was down to options expiration, but not enough to account for all of it. The S&P has mixed technical strength, and remains range bound by larger support and resistance between 2040 and 2135.

It was a 50:50 play going into the cash open, but in the end there was only one winner. Bulls swept the board, driving what shorts in play into covering their position. Leading the charge was the Russell 2000. It came out of the top of the bearish wedge - negating the double top - while maintaining the relative leadership role it holds against the S&P. Now it needs to put some distance from this new found support.