Shorts may think they have their reversal but the last such break in March quickly reversed higher. Volume was light even though technicals weakened with MACD 'sell' triggers for key indices. The S&P has started to see its MACD trigger line accelerate lower after weeks of flat-line behaviour. The S&P has also switched to a point of underperformance against the Russell 2000; this is bullish for the broader market even if it's bad news for the S&P in the near term.

There wasn't much to today's action but for what there was, it was positive - better again in the face of Google's disappointing earnings (revenue miss). The S&P barely registered a gain but with the index a couple of points shy of all-time highs it can be forgiven. Volume was sufficient to register as accumulation.

The S&P maintained bullish pressure with a small gain, a gain sufficient to mark a new closing high.  Technicals are generally bullish, although the MACD has flat-lined.

There wasn't a whole lot to today's action despite the damage done to my monitored Shutterstock ($SSTK) following disappointed earnings. The Small Caps index fell back into converged 20-day, 50-day and 200-day MA.