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Assessment: The market seemed tired at the end of last week. The non-stop run up, without a pause to build a base of support, left the bulls very over extended. Even if this market is to go higher, the bulls need to see some profit taking and then for buyers to come in to grab the dip. The question for the bears is, when the bulls do engage in profit taking if the bears can kill the attempt to build a base of support and push this market lower. For the bulls, they need a break of SPY $415 and for them to hold it. For bears, they need to get this under SPY $400.
We will see what they do here on Monday once the initial weekend repositioning is completed. Around Noon to 2pm ET we should begin to see what their plans are for direction.
Good luck in your trades!