Netflix and Google offered the juice to drive the Nasdaq and Nasdaq 100 to new highs. Other indices aren't there yet, and it remains to be seen what they can offer. Friday's finish in the S&P left it just below resistance near 2,130. Technicals are net positive, and whatever bearish connotations were there from the loss of 2,080 have been firmly put to bed.  Friday's doji marks indecision on the part of bulls and bears, with Large Cap traders looking at whether Tech indices can hang on.

Just when it looked like Greece and/or China were going to bring the long awaited decline of substance, along come bulls to bid up three solid days of gains. Tuesday's rally was enough to register an accumulation day to boot. The S&P is close to tagging declining resistance from the May-June swing highs. Will bears look to attack here? Technicals have seen some improvement with a MACD trigger and Momentum 'buy', although relative underperformance against Small Caps expanded.

While the new bailout hasn't been approved by Greece, a new deal is on the table. China looks to have been pushed to the back of the headlines, but it hasn't disappeared either. Either way, bulls took weekend news to push with Friday's gains. Indices have closed key breakdown gaps which have overshadowed markets in recent weeks. The S&P is back at its 50-day MA and has room to maneuver to declining resistance defined by May and June swing highs. Buying volume has dropped after 2 days of gains, so bulls are not yet convinced by the last two days of action, but remember, rallies climb a wall of worry.

It's not looking good for Greece with Germany holding out , and last week's big swings without any significant change in price is going to change next week. The break down from the end of June looks likely to hold out, and this will keep the intermediate down trend in play. Intermediate trends last from 3 weeks to 6 months, and there is probably enough fuel from Greece and China to keep this going into Autumn. Bulls are not entirely out of the game. The S&P is defending its 200-day MA, with a new 'buy' trigger in On-Balance-Volume, and a continued relative advance against Small Caps. Gap resistance is at 2,085. The Nasdaq also saw an On-Balance-Volume 'Buy' trigger, although the latter volume indicator has flat-lined. Gap resistance for this index sits at 5,038 with the 200-day MA the next target down. The Russell 2000 defended trend-line support, but next week will be a tougher test. Such support is unlikely to survive a fourth test. Tech i