A fresh day of gains keeps bullish momentum running in healthy action. The Dow was the first index to break past declining resistance established by July - August declining trendline. Volume also climbed to register accumulation.

Things were looking a lot brighter in premarket, but in the end bulls were able to push markets into a higher close, even if volume was lighter than yesterday. The S&P nicks a breakout of declining resistance from the September high, but hasn't yet challenged declining resistance connecting August and September levels. Technicals hold on to their bearish outlook. Based on the table listed at the end of this article, the S&P would need to drop to 1,600 to register a 25% loss from highs.

It was a better day for bulls as markets registered an accumulation day with respectable gains. However, only one index, the Dow, made a test of resistance (200-MA on hourly) and was initially rebuffed. The S&P registered nearly a 2% gain. The 20-day MA looks to be the next area of resistance as today marked a sharp break of declining resistance.

It wasn't a day of carnage as yesterday, and with support coming into play for certain indices there is a chance bulls might be able to mount something here. Volume was down on yesterday, another sign sellers could be exhausting themselves out. The Russell 2000, having exceeded its August, could be the first to mount a recovery. Keep an eye on relative performance to the S&P; an uptick here could be the cue for a rally back to channel resistance - a decent return.  Alternatively, fish with GTC buy orders down at channel support.

No doubt who controlled market action today, and Bears weren't stopping at August lows either. The Russell 2000 experienced the biggest hit, undercutting the August low. Next up is the October 2014 low.

It was a day of two extremes: bulls took the early advantage, but bears struck hard in the last couple of hours of trading. The S&P rallied as far as its 50-day MA before bears pressured, ending with some shorts profit taking to return some of the losses. \The S&P is enjoying a sharp relative advantage against the Russell 2000, but the 'spinning top' candlestick is a 50:50 play.

Markets took further losses, but a late rally put a bullish gloss on the day. With the DAX kicking in demand at the August low (not helped by Volkswagen), there is a chance for the S&P to build a swing low here. Volume climbed in distribution, which isn't great, but beats the tepid, nondescript action of yesterday. The S&P hasn't yet triggered a 'sell' trigger in the MACD, but is close to generating a strong 'sell'. Remaining OBV, ADX and Stochastics are in bearish territory. The Nasdaq gained a little ground on the open price and the 'bullish' hammer would offer more if oversold 'stochastics' were in play, which are currently treading the middle ground. The Russell 2000 also finished with a bullish doji. Like other indices, this reversal occurred in a bit of a vacuum, away from logical support. As the index which is experiencing the most relative weakness, it should be watched closely if it's able to regain its mojo. Stre