Last week closed with a bit of flurry, particularly for Tech indices.  But today the market traded well within itself.  Volume also dropped significantly. In effect, a day passed, but nothing more need be said. The Nasdaq had cleared its consolidation on Friday, but has yet to negate the MACD trigger 'sell'.

The market keeps on rolling, but there is a confirmed top in the Percentage of Stocks above the 50-day MA. The pullback is coming, but it could be another week or two before it gets there. Profit taking is a solid strategy here, with the next drop below 30 in the Percentage of Stocks above the 50-day MA the opportunity to shop for stocks once again.

It was another day where early bearish selling was unable to sustain itself into the close. The S&P came close to a test of its 20-day MA at the intraday low. The MACD trigger 'sell' remains in play, but other technicals are firmly in the bullish camp.

Today's action was narrow, but an early attempt by bears to push a sell off was quickly reversed.  Indices finished near their highs, and are well placed to push higher. The S&P has had an up-down past few days, but today's action suggests bulls hold the best cards.  The MACD will likely reverse its 'sell' signal soon, returning Technicals to their net bullish state.

It has been a confusing past few days for the market, up - down - up, with very little net change. If there is an edge, it favors bulls as buying volume increased to register as a confirmed accumulation day. However, this consolidation could play out for longer as overbought conditions work there way out. The S&P still holds to a MACD trigger 'sell' as it looks to regain relative leadership against Small Caps (which isn't good for the health of the broader rally, but will protect the S&P from the worst of any upcoming losses).

Monday delivered a substantial reversal to Friday's gains, but trading volume fell - offsetting much of the pain of today's losses. There were other shifts too. In the S&P there was a MACD trigger 'sell' to come with the drop. The 20-day MA is looking a plausible test tomorrow.

A stock to watch for next week is IMAX. The stock got a solid boost on Friday as it rallied off its 20-day MA on increasing volume.  There is still the challenge of clearing $25 after the initial push on 5.0 million shares.  My fundamental opinion is here .