Stockcharts.com running very slow, so no update today.

A doubly whammy of weakness from Asian and European sessions left bulls with little room to stretch their legs. Not surprisingly, there were few willingly to make a commitment so bears had the market to themselves.  The good news is that today's decisive selling pushes markets out of their stiffing ranges. The S&P dropped below 2080, and is knocking on the door of 2040. Technicals are again net negative. The 200-day MA at 2053, just above the 2040 level, may play a role in tomorrow's action. While the Dow has already indicated a break from the March/July range. The Nasdaq gapped out of its bearish rising wedge. Lots of room down to the 200-day MA available. Shorts may look to attack rallies back to 5038. While the Semiconductor Index suffered another big hit. It's trading down at its 200-MA having crashed out of its range. The reversal in the Russell 2000 has left behind a 'bull trap', although this has dropped it back inside the prior ran

More losses, but breakouts in Tech and Small Caps hold for another day. However, there is no more wiggle room for these breakouts, Large Caps are already under pressure. The S&P is inside its range and technicals have started to waiver with a 'sell' trigger between +DI and -DI.

Again, too-and-fro the markets continue their dance. Despite the selling, there was no handing of control over to bears. The S&P ducked below 2120, but key resistance is at 2,134. Technicals kept their net bullish technical strength

Today was a big non-event. There was probably hope for more from the Greece story, but a stay of execution keeps things ticking over for another couple of days. The S&P was kept pegged below 2,135, but maintains its trendline breakout.

After Friday's options expiration it was left to bulls to pick up the pieces of Friday's distribution selling. Large Caps were able to erase Friday's losses. In doing so, the S&P regained its net bullish technical picture. The Nasdaq banked most of its gain by the open, but it did enough to leave a decent amount of wiggle room to breakout support.

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.