If you thought a week ago that the back and forth ride should be over, you certainly got disappointed. Just another round-trip week. We may have a better chance of breaking that pattern this coming week, but will see. Simply it's over when it's over. Same goes for this entire bull.
SPX bounced from the gap and trendline support and rode just up to the resistance of the down-sloping channel.
Russell 2000 actually pierced the trendline resistance intraday on Friday before pulling back. It did manage to close just above 50 DMA which was kind of fulcrum for the swings recently.
Poor US dollar did top for this bounce in quite ugly fashion and amongst bearish euro news. Likely to get even poorer soon (bounces included).
In summary, the market resisted quite nicely the distribution that's going on from all the "sell in May and go away" types and should have some progress over the next few weeks. However, if it chooses to continue to correct now, we should get into a very nice patch after the mid-Summer.