We got a mixed bag this week. The Dow and S&P 500 closed up for the week, but the NYSE and NASDAQ fell. On top of that, the NASDAQ clocked its 5th straight week down.

On the positive side, we saw some gains and the Dow and NYSE held round number support points, 12,000 and 8,000, respectively. Furthermore, none of the major indexes fell below the previous low in mid-March.

For the negatives, we saw the indexes close near the lows and give back most of the gains during the week. Also, volume picked up this week which indicates professional activity and combining that with the failure to lock in gains suggests to me that selling is still very present.

Here’s a weekly chart of the NASDAQ:

The still intact support line is marked above.

A consideration for why volume jumped this Friday was the quadruple-witching day’s expiration. Regardless, volume jumped and we should read it as it is on the chart.

Here’s a more detailed daily view of the NASDAQ:

The trend channel and support line have converged and we are at a tipping point.

As you can see above, action got a bit more choppy as prices neared support and oversold levels, but none of the gains could be held and when volume was up, prices were down.

With the global uncertainty and the lack of solid job creation, it is hard for me to believe that our markets will hold up. Still, the stock markets are offering higher returns that almost anywhere when you consider the dividend yields and are liquid enough to warrant investing.

This week we should find out if the indexes are going to break down below support or if they will hold and we will get some sideways action.