We have a bit of suspense going into today's S&P 500 end-of-week open. Thus far a two-day correction has dropped the index to the vicinity of the 50-day simple moving average. During the past five months the index has twice before corrected to this area. The first time was a text-book bounce off the MA indicator. The second saw a tough tussle out between the two before the index emerged victorious.

What will be the case with this corrction? We've yet to see a classic 10% retracement since the market's meteoric rise began last year. This is earning season — a time of uncertainty and occasional drama. And today is Friday.

Should be interesting!