The S&P played to form with buyers coming in at converged support and 50-day MA. There was even a morning sell off and recovery for those nimble enough to take advantage. The intraday picture is nicely set up for an upside breakout.  Short term (long) traders might want to take partial profits at 20-day MA, but a larger push to sideways resistance around 1,880 is not out of the question. Risk measured on a close below today's lows.

Buyers offered very little on the day, which was somewhat unexpected given large sell offs in recent months have found it hard to gain traction. What happens during the next rally is of greater importance to bears than the extent of this decline - bears need a lower high to suggest there is something more than just a trade of a couple of days. The S&P traded down at March lows, part of a tight consolidation within a broader February-April trading range. Bulls may sniff an opportunity in this index tomorrow, as the March lows also converge perfectly with the 50-day MA. If there is a doubt it's that stochastics are not oversold, which may make any bounce short lived.

Large losses on weak jobs data offered bears an opportunity to go on the offensive.  The S&P was least affected by Friday's sell off, but still enough to finish the day with a 'bull trap'. There was also a 'sell' trigger in On-Balance-Volume.

The swing trade opportunity sided with the bears, but for Large Caps it wasn't a big swing. The S&P maintained its breakout, and could take another loss and remain above breakout support. Technicals are still net bullish, which makes the short play a weak one.

It's looking good for the Dow following yesterday's breakout in the S&P. There was a uptick in technicals with a 'buy' signal in On-Balance-Volume following a recent 'buy' signal in the MACD. Support comes in around 16,450 with the 20-day MA an alternative support level.

The week continued its bright start with a resistance break for the S&P. Technicals are improving, with the MACD and On-Balance-Volume on the verge of a new 'buy' trigger.  However, there was also a snap-back relative swing against Large Caps and back to Small Caps despite the breakout. Bulls will be gearing up for a measured move; the first target is 1,920.

Buyers had laid out the ground rules for Monday's gain on Friday, and they grabbed their opportunity with both hands.  Small Caps had the best of the action (as it had suffered the most at the hands of sellers), pushing itself back above its 50-day MA.   Intermediate slow stochastics [39,1] managed to honor mid-line support as short term stochastics [14,3] generated bullish crossover - a decent 'buy' signal with a stop on a loss of 1,146; a set up similar to November's swing low last year. Take partial profits on a test of the 20-day MA.