Late last week stocks sold off in a deliberate and methodical fashion. If it wasn't for a late day spike off the lows on Friday, we could have witnessed a waterfall type decline to end the week.
Just one trading session later another stock market emerged. Those not willing to buy a weak, tired, depressed market last week could not buy quick enough today at prices 2% higher. It's pretty amazing how that works. A tale of two trading days.
At the end of the session S&P500 futures, despite a late day surge-a-thon, did not break above trend line resistance.