The Nasdaq had been the lead index as it posted new all-time (post-Covid19) highs, but today's selling followed yesterday's bearish gravestone doji; collectively, it looks like a bearish evening star. The only thing remaining is breakout support, which has yet to be violated. Selling volume was down on yesterday's buying so it wasn't all in bears favor.

Traders had a weekend to stew over Friday's losses and a weak open on global markets could have set a more negative tone. However, this proved not to be the case.  The S&P staged a small rally from its 20-day MA. The rally hasn't yet undone the 'sell' trigger in the MACD but the sequence over the last five days has mapped a consolidation handle which has the potential to challenge and get past 3,200. 

Bulls weren't able to close out the week on a high as Friday's candlestick was a mix of a bearish engulfing pattern or black candlestick (lower close to open, but close above prior day's close). In the case of the Nasdaq, the gap closed but the 'bull trap' remains unchallenged.  The Nasdaq closed with a 'bearish' black candlestick on higher volume. The MACD trigger 'sell' remains but other technicals are positive. 

The S&P experienced a narrow loss as it traded inside yesterday's doji, which was within Thursday's gap down. The MACD is still on a 'sell' trigger but it returned to a relative advantage against the Russell 2000, which would suggest money flowing back to defensive issues - although trading volume was light.