Four stocks featured in my latest Fool post here . The technical picture is provided below: Eli Lilly is held in my investment portfolio. The stock cleared $52.83 on modest volume and saw a pick up in volume as the stock made a confirmation test of $52.83. There is a narrowing rising wedge which - if fulfilled - will break downwards. A breakdown could evolve into a false breakout, but should this happen, look for a defense of the 50-day MA.

While the rally flattens out, there is one side of the market which has sided with the bears, and that's the number of distribution days. The S&P has experienced five consecutive distribution days since the last accumulation day. However, On-Balance-Volume has maintained its accumulation trend, although it's under pressure from bears. Relative strength has shifted in favour of the S&P, which is bearish for the broader rally - although better news for the S&P.

Big gains, but modest volume. The battle is on to decide whether yesterday's action marked a swing low, or if markets are in the process of shaping a top. Technicals and breadth indices suggest this is a top and the current bounce is nothing more than a relief move. But, a new all-time high will have to be respected, despite what technicals may otherwise suggest. But we are not there yet. The S&P didn't make it as far as its 50-day MA before bouncing.  The 'sell' in the ADX was reversed.

I was expecting a little more from bulls than a single days recovery, but it wasn't to be. Volume climbed to register a distribution day as shorts jumped on the push back towards 20-day MAs. After today's selling, 50-day MAs are now the next downward targets. The Nasdaq gapped over its 20-day MA, but finished just a few points above its 50-day MA. Tomorrow is a key day for the average; a loss of the 50-day MA means the 200-day MA at 3,009 is in play.

Fabrinet featured February 19th .  The stock enjoyed three days of strong buying in early February before consolidating at $16. It made a break of $16 in what should have been a continuation of the move, but the rally failed to materialize. A MACD trigger 'sell' has to be noted, but other techincals are firmly in the bullish camp. Remains a long play until there is a break of the 20-day MA and/or $15.51 - whichever is the lowest.

While Friday saw a low relief recovery which allowed some indices finish above their 20-day MAs, there was no such bounce in market breadth.  Indeed, Nasdaq Breadth Indices have confirmed a 'Sell' - led by the Percentage of Nasdaq Stocks Above the 50-day MA.

In the end, 20-day MAs didn't prove to offer too much of a defense from sellers. Volume climbed in confirmed distribution as profit taking ruled the day's action. Next in line are 50-day MAs.  These should offer a more substantial defense. The move to selling has coincided with a relative shift away from speculative Small Caps to defensive Large Caps.