A bright start with opening gap gains were unable to follow through.
The Nasdaq(NYSEARCA:QQQ) gain came off its 50-day MA with a higher volume (accumulation) bounce. The gains were enough to see a ‘buy’ trigger in On-Balance-Volume but other technicals remain negative. However, as long as he 50-day MA holds this should be viewed as a pullback in a bullish advance.
The S&P(NYSEARCA:SPY) finished with a doji like the Nasdaq, but without the same gap higher. The spike low from last week bisected the 50-day MA in a successful pullback defence. Technicals, aside from OBV, are bearish. However, the move back to the 50-day MA also registered as a breakdown in the 4-month rally and at the very least marks a shift in the rate of advance.