It took a couple of days, but the S&P finally edged above the consolidation in place since the start of 2015. The challenge of the 2,093 high might not be so difficult to break. Volume climbed to register accumulation, although overall buying volume was not particularly high.  Technicals are (slightly) bullish.

A second day of light losses kept markets relatively restrained. There was some technical change, but nothing too significant to shift the larger picture. The Russell 2000 gave up its breakout in a possible 'bull trap', and this needs to be watched closely if such a move is not to be confirmed with additional losses tomorrow.  Note, this index is still range bound in a 'handle', so the 'bull trap' is not a particularly strong one.

After the breakout in the Russell 2000 it had looked like the S&P was ready to follow suit, but Friday wasn't to be its day. The S&P experienced a relatively light point loss, but did register a distribution day. However, it remains primed for a breakout on Monday.

My internet connection is real slow at the moment, so it's taken twice as long to do anything. As a result, I don't have time to take a look at the charts. One chart I am watching closely is the Percentage of Nasdaq Stocks above the 50-day MA. Today saw a net bullish return for technicals, but bulls need this to hold above 50% to suggest they are in control.