Skipping Rocks at Mirror Lake

Hours in front of a healthcare vote in Washington which has attracted much attention, markets are subdued. Indeed, the price action in the opening hour this morning has the feel of a summer Friday rather than the outset of the spring months. 

At any rate, we are looking to see if bulls can adequately hold the S&P 500 Index above the 2,350 level, an area where bulls have struggled this week. Some select longs are acting well, but overall the tape does not seem to be conducive to being very aggressive at the moment 

Lowly TWTR, however, is trying to close the week out on a high note. On the weekly chart for Twitter, below, a positive spin on the action would be that bulls defended the key $14 level, once again. 

As you can see, $14 has acted like last line of defense for Twitter for a good while now. And given the weekly candlestick being formed, completing today at the bell, an argument can be made that TWTR is on the cusp of a massive base bottom almost ready to spring price higher into, well, the spring. 

Probing support for this long generally is not bullish, as TWTR has done, since you want to see buyers step in with vigor after only a few tests and set the tone with an aggressive move higher. In effect, TWTR's chart has given the look of skipping rocks along a frozen lake. 

But that may be the market's way of lulling the majority to sleep, since TWTR bulls seem demoralized and/or shaken out at this point, and bottom-fishers have turned their attention elsewhere of late, including towards the SNAP IPO. 

Against that backdrop, I am looking to see if TWTR can quietly follow-through higher next week off of this week's upside reversal from the $14 frozen lake.