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The week started with selling, but when it became time to turn to the buyers, they failed to show. Friday was the icing on the cake, as whatever small gains were achieved during the week were snipped back. 

The Nasdaq is still holding on to its 50-day MA, with the Rate-of-Change crossing the bullish 'zero' line as part of a breakout in this indicator. On the flip side, the ADX, On-Balance-Volume, and the MACD are all on 'sell' triggers.

The S&P 500 rejected its 200-day MA and in the process broke below rising trendline support. However, like the Nasdaq, the S&P 500 also offered a breakout in the Rate-of-Change, which has the potential for a 'bear trap' if buyers can strike on Monday - ideally with a move that also returns the index above its 200-day MA.

The MACD and On-Balance-Volume are on 'sell' triggers, and Friday's selling does suggest the 'bear trap' might not be so easy to come by. 

The Russell 2000 failed at its 200-day MA twice and it has now returned to its 50-day MA. Friday's selling registered as distribution, and to add insult to injury, the selling undercut the lows of the last few days. 

If bulls are able to make an early appearance next week, then the S&P 500 has the chance to lead out an end-of-year rally, but time is running out. A loss of the 50-day MA in the Russell 2000 would likely see a similar loss in the Nasdaq and be the nail in the coffin for the S&P 500. Only a few weeks left until the end of what has been a difficult year for bulls.

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