In Thursday's Update I mentioned the possibility of another move down for SPY, probably below 396, followed by a move higher. Friday opened with a gap down, opening just below that 396 level at 395.54. Most of the day was spent bouncing around the 394-396 level, with only a couple of failed attempts to break through that 396 level. Today opened on a firmer note, with SPY gapping up back to the 400 level. I have also mentioned 402 as a near term resistance level, and SPY reached 401.29 before spending the rest of the session giving back most of those gains, falling back to 396.75 before rallying slightly into the close.
Friday's drop below 394 was slightly more than I was anticipating, which again still leaves several possibilities from this point. There is still short term resistance at the 402-403 level. The primary short term count still calls for SPY 406-411, but the 402-403 may be all it can muster.
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