In a break from tradition, instead of the typical Friday gain we instead got another round of selling; negating the bullish setup from Thursday. To add insult to injury, volume climbed to register distribution. The S&P finished on the rising trendline, but just below 20-day MA. Technicals show bearish MACD, On-Balance-Volume, and ADX trend.  The 50-day MA could be the last chance saloon for a breakdown.

Today's late recovery returned initiative to bulls. The Nasdaq finely placed to challenge new highs, helped by the major breakout in the Semiconductor Index; an important economic barometer.

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After days of tight trading, bulls decided to take money off the table following a slew of economic data. The S&P finished at rising support after tagging the 50-day MA. Today's selling hasn't totally reversed the rally, but another day like today would seed enough doubts in bulls to restrict dip buying.

Friday didn't bring a flourish of buying or selling into the long weekend, so it's up to Tuesday to price in weekend news. Opportunities are available for both bulls and bears. Bulls will be looking to the S&P to push from 5-day days of tight, sideways pattern in an effort to put some distance to 2120. Technicals are mixed, with a strong 'buy' in the MACD and bullish momentum, offset by a 'sell' trigger in On-Balance-Volume and some mixed action in the ADX. One point of note is the bullish cross in relative performance against the Russell 2000.

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