What was on offer for bulls yesterday, was delivered today with the 'bear trap' in the Russell 2000. The bounce also occurred off the 50-day MA; an additional confirmation for a swing low. This is good news for bulls looking for a continuation of the broader rally, as it marks cyclical strength.

Yesterday's selling continued into today, but there was limited follow through downside in the indices. Selling volume in the S&P was down on yesterday, although there was no clear price support.

A tough day for bulls, a day which hurt Large Caps more than any other index. The S&P cut deep below 2064. It looks good for a push back to the 200-day MA, which is just above 1,988 support.  Volume climbed to register as distribution.

A modest recovery in markets likely helped bears more than bulls, although indices didn't recover enough to offer bulls anything more than a respite. The exception was the semiconductor index; it finished just above its 20-day MA, which is above 700 breakout support. It flashed a MACD trigger 'sell', which may expand om weakness tomorrow, but the daily chart is looking very good for bulls.