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What's really appealing

Heavy buying can only be taken as a positive.

Any rally from here would also trigger short sellers to cover.

But what's really appealing is the Technology laden Nasdaq perking up with relative strength.

Any real rally needs a driver. Tech would be ideal as vehicle to pull the broader market forward...

And where the Nasdaq has poked above the all important 50-day moving average, the S&P 500 and Dow 30 have a little work to do here.

Where to place low-risk trades

Though the market's dominant trend is down, it's been arguably trendless for the past four months as price-action meanders along.

The longer the chart time frame, the stronger the measure in trend.

As down remains the strongest flow here, we're eying the 50-day moving average, which the S&P 500 is trading just under, as a key hurdle that must be overcome until we consider any change in trend.

Traders hate sideways action.

But to be be clear, we'll wait as long as it takes to have further conviction over where to place low-risk trades.