The Market Trend Model (http://bitly.com/M_Trend_Model) continues to show a negative bias, but the indices appear to have begun a bottoming process. How this process plays out over the next few weeks will likely determine the market's path of least resistance for the coming months.
The Nasdaq-100 (http://scharts.co/1vdeZ8l) is showing great resilience as this index closed the week above its 10-week moving average. The Nasdaq Composite and the S&P 500 closed just below their respective 10-week moving averages. All three of this indices printed candlesticks with long tails showing buyers stepped in at the lows to support the market. The 'Battle Royale' is in full force as bulls and bears fight for dominance.
"Fear and greed are potent motivators. When both of these forces push in the same direction, virtually no human being can resist." ~ Andrew Weil