Nothing new to report on the market as the SPY has been struggling with the short-term downtrend line all day and will most likely close slightly above or below that level. Even if we get some big ramp or dump into the close with only a half-hour left in the trading day/week, I wouldn’t make too much of it. My expectation is for a resumption of the near-term downtrend to begin next week but we’ll just have to see if this bullet-proof market can pull another rabbit out of it’s hat… or not. I’m going to cut out early so enjoy your weekend. I do plan on posting some updated market analysis, possibly via video format, before Monday in addition to updating the trade ideas. Updated 4 hour SPY chart:
