Yesterday's recovery set the groundwork for a bounce but the gap higher took away most of the opportunity the bullish set-up offered. Weakness at this point would be bearish so wouldn't be buying but if in then hold until the morning breakout gap closes and reassess. The S&P generated a small uptick in relative performance but not enough to trigger a 'buy' signal yet. Other technials are mixed with 'buy' signals in the MACD and On-Balance-Volume are offset by 'sell' triggers in +DI/-DI and Stochastics.

After yesterday's selling today's late recovery was a chance for bulls to catch some breadth. The S&P came close to tagging the 200-day MA on the intraday low. The index is on a path to the lower channel. There was no technical change and relative performance remains weak.

There was no Sleeper (long) play for the S&P as sellers took control across all indices. Losses of between 1-2% took effect in Large Cap, Small Cap and Technology indices. The S&P cut clean through horizontal support, 20-day and 50-day MAs, but was never able to challenge channel resistance. Look for a move down to channel support. Technicals are a mix of bullish and bearish signals.

There were modest losses today with most indices holding the status quo from Friday. The one exception was the Semiconductor Index as it lost over 1% in a confirmed break of support. However, it does have the 200-day MA for a likely test tomorrow. All technicals are negative and relative performance took another step lower but no change there.