Short & Wild

The week was short, but wild.

We saw tech get hit hard, then rebound, bios and pharma looked great but failed and metals got hammered.

We should get some more clarity next week as traders return from a nice week off.

SPY bounced well off the 50 day average and closed above the 21 day average which is very positive action.

Accordingly, we should continue nicely higher right away, if we move back under the 242 area then chances are we move lower, below 240 to 238.

The Nasdaq still has a head and shoulders pattern but that may be cancelled out shortly if we get another strong day, so let’s wait and see.

Enjoy your weekend.