The bulls thought they might have a chance to take the market higher when weekly jobless claims came out better than expected. However, the market had other ideas, and the bears took control of the action early in the day. The S&P came within 2 points of its 50 day moving average before closing just above. Do the bulls have any answer here, or are we looking at lower prices in the near term? We’ll have a better idea once the jobs numbers are released, but if the bulls can hold here, we might see another visit to Tuesday’s high of 1415. And, if the 50 day goes? 1357 could come back into play.

The bulls had hoped to add on to Tuesday’s gains on Wednesday but were behind the eight ball from the get go. The S&P moved as low as 1393 before buyers stepped in and the bulls were able to clear 1400 by day’s end. The drill remains the same here; clear 1415 on the S&P and the bulls will have the edge. A move back below 1389 gives the edge back to the bears.

The bulls went to work today, with the Dow hitting a 4 year high. The S&P made some progress as well, putting in a near term higher high at 1415 before falling back and closing at 1405. Right now the bulls have their eyes on the April 2 high of 1422, and if they can clear Tuesday’s high of 1415, they will have a decent shot to get there.

Take a look at the VIX. After having spiked during the month of April it is now settling down, closing today at 16.60. Notice how the 20 day moving average is converging on the 50 day, a bullish development that could lead to a lower VIX and higher equity prices in the near term.

The bulls were hoping to build on last week’s gains but on Monday that was not to be. The market started out weak and remained in the red all day long. Fortunately for the bulls, the S&P held important technical levels so remains poised to go higher if 1410 can be cleared. What the bulls don’t want to see right now is a move and close back below the 50 day moving average, now at 1384.

The market was in a good mood Friday in spite of a weaker than expected GPD report. As a result, the S&P closed back above 1400 as traders regained confidence on the long side. Now that the S&P is back over 1400 the next test will be near 1410. If the bulls can manage to clear that level then they could have a shot at 1422, the April 2 high.

The market started out weak on Thursday but that changed by late morning. In fact, as the day progressed the S&P got stronger, touching 1400 before settling at 1399. The good news for the bulls is the S&P is now looking better technically with the next level of resistance now near the March 30 high of 1410. If the bulls can manage to clear that level, then the April 2 high of 1422 could be in sight.

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The market took off early Wednesday, courtesy of AAPL, with the NASDAQ stealing the show. The S&P got back into the mix as well, closing back above both the 20 and 50 day moving averages, averting more selling, and setting up for higher prices. Now we need to see if the S&P can get back above 1397, the April 9 high and the next key level of resistance. If not, then we could be back in stucksville.

The market got off to a rocky start on Monday with the S&P coming within one point of important support at 1357. The bulls did manage to recapture some of the losses before the day was over but the market remains vulnerable here. The 20 day moving average continues to converge on the 50 day so the bulls best kick it into high gear or get ready for further selling.

The bulls got off to a good start on Friday, but the NASDAQ struggled all afternoon, ending the week on a losing note. The S&P managed to gain a few points last week but remains below key technical levels, having a tough time making any headway lately. In fact, the S&P hasn’t gotten anywhere since February 29, when it topped out at 1378, exactly where it closed on Friday. What’s it going to take to turn the tide? First things first; we would like to see the S&P close back above its 50 day moving average, then the 20 day. Short of that, expect lower prices.

The bears were aiming to add to Wednesday’s losses on Thursday and they got their way. Even with a few major banks beating expectations, and EBAY having blowout earnings, it wasn’t enough to offset the selling. The S&P continues to have trouble breaking back through its 20 day moving average and by day’s end had closed below the 50 day. This remains troubling, especially with the 20 day getting closer and closer to the 50. The bulls could be in trouble here unless they get it together and turn the tide right now.