Sirius (SIRI) rallied by more than six percent on Friday from a clearly defined flag formation and the chart suggests that a basing pattern has been successfully formed with further gains likely.

Wynn Resorts (WYNN) has retreated to a level where there is not only chart support, but the stock registered a hammer candlestick as it straddled the 200-day moving average. If a bounce fails to materialize, the stock has no obvious support down to the low $70's.

Amazon (AMZN) appears to be over extended and vulnerable to a correction which could see it testing the 50-day moving average.

Freddie Mac (FRE) registered a prominent hammer candlestick in which the intraday low tagged the 200-day EMA and also the June 8 low. Support is to be expected, but if a failure was to occur there is little obvious chart support until $60 is reached.

Apple (AAPL) is facing a retest of the $126 level, which previously brought out some sellers.

Wells Fargo (WFC) registered a striking shooting star candlestick in Friday's trading on above average volume. The high for the session coincided with the top of the recent range and again raises the specter that the recent recovery rally may be faltering.

Maxim Integrated (MXIM) has almost completed the move up towards $33.

Wendy's International (WEN) has a bullish ascending wege pattern that could be presaging a breakout to new highs.

Cadence Design (CDNS) has an intriguing pattern which has most of the characteristics of a bull flag following the recent price breakout. The long red candlestick, which marks the top of the flag pole, makes the pattern unorthodox, but the volume pattern is supportive of the flag interpretation.

Clive Corcoran takes a big picture, macro view of the market in today's column.