Sellers had looked to press in early trading, but buyers were again there to bid markets higher as they approached last week's spike lows. The net result leaves things as they were with Friday's jobs data the next opportunity to move the needle. The S&P may look to tag the 50-day MA if sellers get another swing on this. If buyers are able to continue with today's afternoon action then a tag of 2,200 should be feasible as part of this rally.

I'm waiting for bears to step in and reverse the nascent breakout but it hasn't happened yet. The intraday range was tight and the change relative to yesterday was small. This left little to add. The S&P still has three 'sell' triggers in MACD, On-Balance-Volume and ADX to work off before the rally resumes.

A respectable day for markets, unwinding much of the damage caused by Friday's selling. Volume was down, which softened the day's buying. The S&P had the best of the action, which was a little against expectations for Tech/Semiconductors to drive the gain.

Yellen's speech pushed markets both up and down, but probably left more minds stuck in indecision than offered a clear path forward. Markets don't like indecision, which gives bears and weak longs an opportunity to sell. There are still key support levels to break, but recent weeks of tight action could lead to an unraveling. The S&P finished as registered distribution with new 'sell' triggers in On-Balance-Volume and Directional Indicator. The index has been stuck in a relative downward turn since July (against Small Caps). This index is offering the clearest 'sell' signal.

Yesterday's buying likely caught shorts out, but later weakness may have encouraged profit taking today. The damage was relatively light and only served as a warning. For example, the S&P didn't lose breakout support and selling volume was light

Markets made a break higher, although only the move for Small Caps stuck.  The Russell 2000 managed to finish with a new closing high and is very close to a fresh MACD trigger 'buy'. There was a significant gain in relative performance of Small Caps against Large Caps and Tech.

The week started much like past week's finished with a whole lot of nothing. No volume, no action, no outlook. At least the S&P is holding breakout support. Watch for 'sell' triggers in +DI/-DI and On-Balance-Volume. The Nasdaq managed to gain a little, waiting for traders to break it out of its range.