The last two days of last week saw little change in markets. Volume was light, in line with quiet action. Next week will be an opportunity for follow through on the gains made during the first half of the week and see some pressure on all-time highs. The S&P is close to a MACD trigger 'buy' which will bring technicals back to net bullish. The next higher close may be enough to for the MACD to switch bullish

A good response from bulls with higher volume accumulation marking action of buyers and not just short covering. Gains in the S&P were paired with further losses in relative performance (against the Russell 2000). However, other technicals are improving and the only other 'sell' trigger in the MACD could turn into a strong 'buy' by the end of this week.

Bulls were a little late to the party, but today's action was positive and brought markets away from the brink. The S&P worked off the 20-day MA in a near 1% gain on higher volume accumulation.  It still has room to run before it challenges 2,075 and the bull trap, plus it will need to reverse the MACD trigger 'sell' in the process, but today's action has rreduced the risk of a panic sell off.

Thanks to TraderHQ for placing this blog in their Top 50 of blogs to read.  Check out the full list here .