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Assessment: We actually…finally…saw some good action last week. I don’t care whether the market moves up or down…I just need some MOVEMENT! It’s tough to make money in a market that either goes sideways or only grinds slowly up or down. The money is in the swings! Maybe last week was a sign that some swings are coming.
Markets rarely bottom on Fridays (short-term or long-term), so I would expect at least some continuation into this week. The key support level is big round number support at SPY $500…along with the 50 simple moving average which is basically what kept things propped up last week.
Good luck in your trades!