In the end, investors and traders really did not want to go home long equities Friday, even after the Fed's emergency rate cut on Tuesday, which is certainly not a confidence builder. Maybe the bulls will feel a bit more confident after the weekend.

In any case, I think it is fitting for us to take a look at this week's price range in the S&P 500 and to notice that all of the action, including the post rate-cut rally, has transpired below the last week's critical breakdown plateau at 1362.50.

Although the SPX did hit a high this morning at 1368.56, it could not sustain, and closed the week more than 30 points under the break-down plateau.

In other words, despite the Wed-Fri rally, the dominant intermediate-term trend remains negative.