Large Caps suffer heavier selling; not enough to break the declining resistance trendline, but enough to register as distribution in one of the heaviest sell off days for 2015. Part of this volume was down to options expiration, but not enough to account for all of it. The S&P has mixed technical strength, and remains range bound by larger support and resistance between 2040 and 2135.

It was a 50:50 play going into the cash open, but in the end there was only one winner. Bulls swept the board, driving what shorts in play into covering their position. Leading the charge was the Russell 2000. It came out of the top of the bearish wedge - negating the double top - while maintaining the relative leadership role it holds against the S&P. Now it needs to put some distance from this new found support.

Yesterday's gains in the indices were able to add a little more upside before coming up against resistance. The S&P finished in the crux of former rising support, declining resistance, and the 50-day MA. Volume declined with technicals net bearish. Tomorrow is decision time for the index: break declining resistance and a retest 2,134 opens up, reverse, and a move to the 200-day MA comes into play. The Nasdaq 100 finished at former bearish wedge support, turned resistance. Despite bullish volume accumulation, technicals remain negative. However, the Nasdaq did enough to regain rising wedge support on yesterday's gain, redrawing support and shifting the index back to neutral. Volume also climbed to register as accumulation. The rally in the Russell 2000 is morphing into a bearish wedge and is fast approaching resistance at 1,278.  Unlike other indices, it lost a little ground to yesterday. While the index is outperforming the Nasdaq and S&P, technicals lik

There was a bit of a hangover to Friday's selling with opening action pushing more downside. However, buyers were able to dig in at yesterday's lows. The S&P found support at 'bear trap' support at 2,072, although technicals are again net bearish. The real need is for the S&P to get out of its 2080/120 range.