It was looking ugly for indices at the open, but by the close of business much of the day's declines had been reclaimed. For the S&P, the break of the rising trendline (and 50-day MA) was looking all but certain when sellers hit the index hard in pre-market trading, but Tuesday's finish does give bulls something to work with for Wednesday. Whether they can do anything about it is another matter. On the bright side, selling volume was down on Monday's buying; this kept the 'buy' trigger in On-Balance-Volume intact.

After Friday's gains in the Dow there was an opportunity for other indices to follow suit, but buyers suffered a bout of shyness. Tech and Small Caps finished the day near their lows after handing back early gains. For the Russell 2000, the day finished with an inverse hammer just below its 50-day MA (which is about to 'death cross' with its 20-day MA). The inverse hammer followed Thursday's indecisive doji, leaving the gap vulnerable to a fill tomorrow. A new downward channel may be emerging here and needs to be monitored.

Star of Friday was the Dow Jones Industrial Average as it cleared congestion dating back to March, although there is still the 'bull trap' from February to clear. Volume climbed to register as accumulation, and it came with a MACD trigger 'buy' and On-Balance-Volume 'buy' trigger.

Sellers took control of markets with the Nasdaq following prior weakness in the Russell 2000 with a breakdown. This just left the S&P trading at support with very little room for maneuver if bulls don't make an appearance tomorrow. Volume climbed in confirmed distribution and there was a 'sell' trigger in the MACD.

It was a bit of a non-event for indices as early gains were unable to hold by the close of business. As a result, some of the challenges on highs faded and all indices remained inside prior consolidations. Volume was also down on Friday's, which kept things muted.  For example, the S&P touched on 2120 resistance, but finished below this level.

It was another day of to-and-fro for the markets, this time indices regained the ground they lost on Thursday. Although Friday's buying volume was lighter than Thursday's selling. The S&P had a mix of positive and negative technicals: 'sell' triggers in the MACD and +DI/-DI were countered by a 'buy' trigger in On-Balance-Volume. However, since February the only important levels of note are 2,120 resistance and rising trendline support - until these break market action is just noise.

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