From a technical standpoint, another solid day for the market even though the major indices finished in the Red. Reason why we say this is that in spite of one of the worst financial scams of all-time with Madoff robbing investors of roughly $50 billion – and yet we have a light volume day, which indicates that the market is not all that disturbed by the news.

Its also going to be interesting to see which direction the market goes in this pivotal juncture it finds itself at. If it can break the 50-day moving average, it would improve bullish sentiment greatly, whereas if it breaks the upward trendline, you may see another wave of selling.

Here’s the Nasdaq and S&P charts…