Indices finished the week strongly, pushing a follow through to Thursday's gain. Volume climbed to register an accumulation day. Indices still have to contend with moving averages as resistance, but get above these and there is room to run to all-time highs from last year. The S&P is back at converged 20-day and 50-day MAs which is also the neckline of the head-and-shoulder pattern. If bears are to retain control then the neckline has to hold as resistance, which means there is little room for additional gains. Relative performance has switched to under performance against Small Caps.

It was a late morning reversal which clawed back losses from the open. Markets still finished with a close below the open, but it was looking ugly at the start of the day. The S&P  finished with a bullish 'hammer' just below the neckline. On the positive front, it may be rejecting the neckline breakdown I have talked about over the last couple of days. On the negative front, the failure to recover the neckline suggests bears maintain control.

Small gains fail to recover yesterday's losses. The trend is down, but losses are still modest - thanks to these regular gains.  The S&P is still clinging on to the neckline of the head-and-shoulder pattern. Volume climbed to register an accumulation day, but the 'spinning top' finish for the day leaves things in a more neutral state. A swing-trade using day's highs/lows as the trigger would be ideal, but an inside day would offer better risk:reward.

Bulls were able to press their advantage with good relative gains. Buyers were able to recover 50-day MAs and take indices back from the brink. In addition to a close above the 50-day MA, the Dow did enough to generate a 'bear trap' - next up will be to break declining resistance from the high. Technicals edge in favour of bears and overall volume hasn't been great either, but because of such conditions, today's buying was harder to achieve.