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Assessment: We saw some selling on Friday with a decent gap down, but then price did very little after that point. Despite not going anywhere after the gap down at the open, volume was VERY STRONG. It can be yet another sign that institutions are keeping this propped up through futures manipulation and then dumping their shares to weaker hands. Eventually when that is done the bottom will fall out, but when that will be is the question.
Right now, the SPY $510 level is the key support. We closed below it on Friday, but close enough that it could pop up and over the $510 mark on Monday morning to keep anyone guessing. Right now it is simple, break of SPY $500 and the bears have the ball and are running. A close above $510 and technically, although they have looked pretty weak, it is the bull’s ballgame.
Good luck in your trades!