The S&P 500 has (aside from a quick fake out) been ping ponging below its April 2012 highs (1422ish) and its 20 week moving average (displayed below by the 100 day moving average) for the better part of 2 weeks. The top end of that range has been hit this morning. Until the ability to make a new higher high is displayed, all rallies should be viewed with some suspicion. This means at least breaking over the 1435 level, which would surpass Thursday's highs. Otherwise the index just continues to make lower highs on each rally attempt. On the flip side a break of this low 1400s level aka the 20 week moving average would be an obvious area to see a breakdown fromt.
Meanwhile, the NASDAQ has repeatedly bounced off the 200 day moving average and looks like it has a bear flag formation as it has been much weaker then the other indexes.
Any securities mentioned on this page are not held by the author in his personal portfolio.