Friday delivered a positive end-of-week close after a sequence of down days. Volume was not impressive and was below mid-week selling. The S&P dug in at its 50-day MA, but is holding to 'sell' triggers in the MACD, On-Balance-Volume, and -DI/+DI. Relative performance finished the week with Large Cap strength overall Small Caps. Rate-of-Chart moved back to the bullish mid-line in what could offer itself as bullish buyback opportunity.

Today gave an inclination that selling could be slowing. Markets did experience modest losses, but these came on low volume and support is available for some indices. The S&P has bearish MACD, On-Balance-Volume and +DI/-DI signals to contend with, but does have converging support at declining trend and then the 50-day MA.

A weak start didn't follow through lower in afternoon trading, instead there was an attempt to defend Friday's lows. However, this defense didn't do much to push indices away from this support. The S&P experienced higher volume distribution, but is enjoying a relative strength gain against the Russell 2000.

Monday enjoyed some follow through upside after Friday's afternoon recovery. However,  gains were on very light volume given the distribution which carried most of last week. Also, market breadth remains in decline from overbought levels. The Nasdaq frames this neatly. The rally has come off a bull defense of the 50-day MA on higher after a series of heavy volume selling days. MACD, On-Balance-Volume and +DI/-DI are in well established 'sell' triggers along with a sharp relative underperformance against the S&P.  Bullish dip buyers will be pleased with today's action, but other factors are running against them.