Across indices, bears posted a loss to counter yesterday's gain. It didn't change the broader picture, with trading ranges established in all lead indices. The S&P held support at the 50-day MA on higher volume distribution; the second distribution in four days, with no accumulation days for the last of couple of weeks.

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.

Today can only be described as a classic collapse by bulls. Up until lunch it was plain sailing, but from the time I left work until now when I took a second look at the market, it was a total reversal. It really should have been set up for a breakout - if not today, then tomorrow - but this is looking more unlikely. The S&P tagged resistance, but failed to get beyond it. If there is a consolation for bulls it's that selling volume was light. Why the sell off hurt it hasn't broken support, and until then the breakout is still in play.

Bulls made good ground following yesterday's volume sell off. It was the first accumulation day in over a week and made up for Tuesday's sell off. The S&P scored a bullish piercing pattern, which honored converged 20-day and 50-day MAs. While it's a few days away from a breakout (at best), it does at least set up for a challenge of resistance by end of week.

In the tug-of-war between bulls and bears, bears were able to make a substantial pull in their favour with the Russell 2000 undercut of the 200-day MA. However, bulls aren't defeated yet as they still have 20-day and 50-day MA support to lean on as part of potential breakouts for the S&P and Dow, but their task has become a little more difficult after yesterday. The finish in the Russell 2000 looked ugly, as the close was equivalent to the low of the day. The index has also struggled to mount a challenge on its (overhead) 20-day MA; an area of attack for shorts.  The February swing low is still available for bulls to try and mount a defense, but demand will need to pick up sharply if it's to succeed.  The Russell 2000 is also suffering from a significant flight of participants, noted by the sharp relative swing away from the index towards Tech and Large Caps, since the end of April.

The only thing to disappoint bulls was the lack of volume, but the recovery from the Friday follow through was impressive. It still hasn't changed the larger picture, namely a 50:50 struggle between bears breaking the 200-day MA in the Russell 2000, and bulls looking for new all-time highs in the S&P/Dow Jones; the latter index in particular. The Russell 2000 is getting squeezed by the 20-day and 200-day MAs, which will break first? Shorts have been aggressive at the 20-day MA, bulls at the 200-day MA, who will win Tuesday?

A bright start to the day soon faded as the attempted breakout in the Dow stalled. Volume climbed to register distribution in the Dow, but the end-of-day point loss was relatively mild.  Monday offers a chance for a new breakout opportunity, but given Friday's reversal there may bearish follow through in morning trading. Look for a rebound from the 20-day MA.

It didn't happen. The Dow managed to keep itself pegged by resistance, but it didn't lose enough ground to suggest the breakout is no longer in play. It comes down to Friday, can it succeed?

It's probably down to the Dow to lead bulls out.  Other indices are too far back to make a difference, and the S&P isn't close enough to suggest it will do the lead out. Volume climbed to register accumulation, a good sign for bulls looking for more. The Dow managed a picture perfect 50-day MA, and now could be at an all-time high by the end of the week.

Solid action from bulls in Large Cap indices keeps the potential breakout in play. The Dow looks more likely to lead out. Volume was down on yesterday, but it will need to pick up if a breakout is to holiday.  Look for a breakout in the coming days.

After a quiet Easter week, things got a little hot under the collar for both bulls and bears.  Bulls were able to throw the last punch, but the fight is not over. Yesterday saw wide range days, higher volume accumulation in Large Caps, and important defenses of moving averages. Starting with the Large Caps, the S&P and Dow both did well. The Dow edged it with a rebound from its 50-day MA and is angling for a break to new all-time highs. Technicals are net bullish.

All indices returned to losses. Tech and Small Caps suffered most, Large Caps the least. Losses in the S&P returned the index back to its 20-day MA. Further losses on Monday will set up a potential bearish head-and-shoulder reversal, but buyers have something to work with on Monday.

It was a rough day with a big gap up, followed by a rapid sell off, then a nearly as quick recovery, before markets drifted lower. But by the end, bulls had done enough to suggest higher prices are in the works. Large Caps remain the indices best positioned to benefit over the long term, with the Nasdaq and Russell 2000 offering day traders the best opportunity to benefit based on intraday volatility. The S&P is nicely positioned to challenge the April peak.  It's also regaining some of the ground it had lost against the Russell 2000 during the April bounce.

The S&P experienced a small loss on lighter volume. After a long series of gains, today's loss was welcome, and doesn't change the larger bullish picture.  Technicals remain bullish, and with the 20-day and 50-day MAs converging, the chance for a retreat and bounce at these MAs remains compelling.