Today had the look of a decisive break down, but the last such breakdown from September's Brexit vote had a similar guise, but it failed to follow through. Volume climbed to register as another distribution day, the second (third for the S&P) such day since the last accumulation day. Tomorrow could be the decider, but it needs to break down right from the open - otherwise the agony will continue. The S&P is back showing net bearish technicals. However, the index continues to outperform the Russell 2000.

For a while on Friday it looked like Bears had the break through, but Bulls came back at the end to push indices back inside scrappy consolidations. If there is a concern for bulls it's that the S&P now finds itself bumping against the 50-day MA. Volume also climbed to register as distribution for the index. The one plus for bulls is that the index has started to out perform against Small Caps.

What was looking very good into the last couple of hours just ended up been good.  The weakness from yesterday was pushed aside and there is a buying opportunity for aggressive traders with a loss on yesterday's lows. The bullish lead was the Russell 2000. It was in the process of breaking from the 'bull flag', but ended the day back inside it. Technicals still hold to a MACD 'sell', with a weakening +DI/-DI and stochastic. However, price action is the best of the indices.

There wasn't a whole lot to today's action. The coiling action unwound with a relatively unconvincing push down. There was no significant break of support or move out of prior consolidations for major indices. Volume climbed in confirmed distribution. The S&P is resting on rising support having edged an intraday break of such support. Technicals are as they were yesterday with a 'buy' in Stochastics and MACD and a 'sell' in On-Balance-Volume and Directional Indicator.