The bounce is struggling to attract buyers with Friday's close registering as a small gain with low volume.   In the case of the Nasdaq, the measured move lower would deliver a tag of the 200-day MA, making it an attractive forecast. Technicals are mixed with 'buys' for the MACD and Stochastics, offset by relative performance shifting back in favor of Small Caps. 

The initial enthusiasm for the bounce from May lows is slowing as the intraday range tightens across indices.  The Nasdaq is trading above key moving averages with a MACD trigger 'buy' and a fresh 'buy' trigger in stochastics. However, the Nasdaq is in a trading range and until this breaks, any action within the bounds of support and resistance is just noise. 

The gains were good to see, but all they did was extend the bounce off the March swing lows. We still need to see if there is going to be a positive test of the May swing low.  For the Nasdaq, today's gains managed to finish above both its 20-day and 50-day MA. Volume was light but gain did come with a MACD trigger 'buy'.  Not to mention, the index continues to outperform the Russell 2000.  The other side of today's action, is that each gain focuses the measured move lower on to the 200-day MA.  Convergence increases the possibility of it happening. 

The mid-week bounce ran into trouble by Friday's close as the Russell 2000, Nasdaq and S&P ran into their 20-day MAs, leaving behind bearish candlesticks in the process.  The Nasdaq and Russell 2000 also tagged their 50-day MA.  It could be a long week ahead for the indices. The Russell 2000 is still range bound, but I don't like to see 'black' candlesticks, particularly when near resistance, but real selling pressure doesn't kick in until $210 ($IWM) is lost. Technicals edge bearish with ADX and MACD firmly on the bearish side of the ledger, but On-Balance-Volume is zig-zagging and stochastics is caught at the mid-line.