Yesterday was the 2nd time this week that volume expanded on a down day. So for the time being the market's tone is changing. So far, on the way down, the S&P has recognized (bounced from) the 23.6, the 61.8, and the 78.6% retracement levels. With the 78.6 obviously having the largest influence, it should not surprise if there is a slow drift higher into the 78.6% of the decline which is 1978.59. However, anything in the 1973-1980 range would do.
And, no, the lower targets, such as the 50dma at ~1925, have not been forgotten.
Currencyland has been calm overnight which is a good thing, and the 10-year, while bid, is not acting crazy either. With the full moon at 7:25 am EST Saturday morning, it's hard to say which way the tide will flow.
In other words, on a summer Friday, a week from option expiration, with prices in the "middle of the page," there is not a clear edge yet.
No worries. It's a beautiful sunny day and the weekend beckons. A very tan Sheryl Crow played this tune at Meadowbrook a few years ago after spending the day the boating on Lake Winnipesaukee, and even pronounced it correctly when she raved about how much fun she had. Soak it up.
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