The Dow Jones Industrial Average (DJI) took a bit of a dive today, as the bulls stayed on the sidelines ahead of the Memorial Day weekend. "It's Friday and we all get a three-day break from worrying about Greece and Europe," stated Schaeffer's Senior Technical Strategist Ryan Detrick. "I'd say it was a light news day, but seeing the Thomson Reuters/University of Michigan consumer sentiment survey come in at its highest level since October 2007 was a nice sign. Remember, regardless of what happens in Europe, the U.S. economy has been holding tough. Seeing a confident consumer is a great sign."

Keep reading to see what else was on our radar today:

• Did the SPX find a foothold above key technical level?
• Sing a song of Facebook (FB): Monday, Bloody Monday.

The Dow Jones Industrial Average (DJI – 12,454.83) touched a session peak of 12,533.12 earlier today, and tumbled as low as the 12,421.53 mark in the last hour of trading. But in the end, the Dow turned in a deficit of 74.9 points, or 0.6%. Just seven of the 30 blue chips crossed the finish line with wins, as Hewlett-Packard (HPQ) led the outperformers with a 2.6% jump. Boeing (BA) paced the 22 losing components with a roughly 2% decline, while Alcoa (AA) remained unchanged. The blue-chip barometer inched 0.7% higher for the week, snapping its three-week losing streak.

The S&P 500 Index (SPX – 1,317.82) couldn't keep its head above the breakeven mark today, and gave up 2.9 points, or 0.2%, by the closing bell. The Nasdaq Composite (COMP – 2,837.53) also closed lower, pulling back 1.9 points, or 0.07%. For the week, the SPX added 1.7%, while the COMP notched a 2.1% increase.

The CBOE Market Volatility Index (VIX – 21.76) moved north by 1% today, closing off of its session peak of 22.29, but sawed off 13.3% over the past week. The VIX still managed a second consecutive weekly finish above 20.

Today's highlight: "As was expected, we saw some profit taking ahead of the long weekend and the previous four-day win streak for the SPX," said Detrick. "But in the end, last week's lows held. We've noted several times how important the 1,290 area is, and although it's still early, so far so good."

Turning to today's major market stories...

• A synthetic long stock position was opened following Pandora Media's (P) earnings-induced jump.
• Options bears rolled out their positions on Yahoo! (YHOO).
• Weekly call activity spiked as Chesapeake Energy (CHK) enjoyed a recent surge.
• Retailers Wal-Mart (WMT) and Bed Bath & Beyond (BBY) leapt to new highs.
• Are short sellers hedging their bets on Seattle Genetics (SGEN)?
• Analysts adjusted their positions on agriculture issue Agrium (AGU) and semiconductor stock ARM Holdings (ARMH).
• Options speculators converged on financial firms Fifth Third Bancorp (FITB) and Citigroup (C).
• Schaeffer's columnist Adam Warner examined the Facebook (FB) IPO with a little help from U2.

For today's activity in commodities, options, and more, head to page 2.