Friday's late afternoon buying got some upside follow through on Monday without challenging resistance. There is a chance of further upside until it gets to such resistance. The Nasdaq will soon be meeting converged 50-day MA and consolidation resistance, but it's a relative gain to the S&P will help attract new buyers. It remains to be seen if it can get through this barrier, but recent action is working in its favour (more so than the S&P).

Friday offered bulls something to hold on, but damage from Thursday remains dominant. The S&P held its 50-day MA on buying volume below Thursday's. The buying wasn't sufficient to reverse the MACD trigger 'sell' or the 'sell' between +DI/-DI.  Aggressive buyers may want to take another bite, but the 50-day MA likely won't survive another test; so there isn't much wiggle room.

An unusual day of selling. The Russell 2000, which had been the weakest index, managed to rally into the close. The S&P, which had been the strongest index, attracted only limited buying into the close. The S&P held to its 50-day MA, which was perhaps the best thing that could be said for today. Volume climbed in confirmed distribution, the first real sign of selling intent since April's sell off,which suggests further selling is likely in the day's ahead.

In my opinion, we are looking at the makings  continuation of a scrappy trading range, but by the terms of a breakout failure, today was a 'bull trap' for the S&P and therefore a shorting opportunity. Stops go on a close above today's high.

A modest day for the indices was best represented by the maintenance of the various breakouts. The S&P didn't add much to yesterday's finish, but it held above key breakout support.

The week made a bright start with Large Caps breaking resistance. The only disappointment was the light volume; a day like today should have packed far more punch. The risk for bulls is a 'bull trap', but for now the breakout should be honored.

Bulls made another stab at a recovery on Friday, but volume was lighter than previous selling  The breakouts in Large Caps haven't materialized, but haven't been ruled out either.  While Small Caps remain in trouble despite the recovery. The Russell 2000 opened at support and made it back to Thursday's open, but it remains below the 200-day MA with the 20-day MA fast approaching from above.