The Equal-Weighted S&P ($SPXEW) lost ground today, but it's the last main attraction for bulls. The trend from September's lows has defied two shorting opportunities previously marked at declining trend resistance and the 50-day MA. The 20-day MA may offer itself as support if selling was to contine beyond today, but this is at least a workable bounce zone. Technicals are net bullish, but the bounce off September lows has been running in a narrow range and looks prone to a widening, not necessarily a reversal.

Indices are at an inflection point with 200-day MAs acting as last major support before we have to look elsewhere. We will start with the Russell 2000 ($IWM). The break of the declining trend managed to survive until a test of its 50-day MA, then sellers kicked it back to its 200-day MA. I'm not particularly optimistic for this test holding, but until we get a loss of $275 there is a chance bulls could hold out. Aggressive longs could fish for GTC 'buy' orders around $275 and bail if $270 is lost.

It was a stealth setup for the Russell 2000 ($IWM), hiding below its 200-day MA and declining trend before buyers made a higher volume break of resistance (on confirmed accumulation). The next target is the 50-day MA for those who took advantage of the break. Supporting the move are 'buy' signals for the MACD and On-Balance-Volume. When it gets there, or tags the July swing low, we will get a better idea as to whether bears arae in control or buyers have enough momentum to mount a challenge of $300. The Nasdaq ($COMPQ) rallied from support and has reached its first target of its 20-day MA. Next is the 50-day MA. Technicals remain net negative. The S&P didn't register a breakout given it's still stuck inside its range, but it could do tomorrow. The only problem is that it has already banked two days of gains, so the risk:reward isn't entirely favorable. Bitcoin ($BTCUSD) is down at the October spike low and is an aggressive long trade for thos...

There may be an aggressive long for the Russell 2000 by virtue of its under-the-radar action. Systems tracking trend breaks or moving average breaks will still be in the dark, but looking at the chart, there may be a subtle long setup. Risk-reward is easy to measure as an undercut of Friday's low (on a closing basis) would negate the traade. Initial upside target is the 50-day MA. What I also like? The uptick in relative performance over the Nasdaq.