Closing just shy of our 1195 target (Long from 1172.25) on the S&P, indications are pointing to a lower Monday.
Note: next week is Options Expiry and this tends to induce a bullish trend.
Some of the things we look at to indicate daily swings in the market are the $TRIN and Put/Call Ratio (which we talked about this week). We had a close of .71 today on the Put/Call Ratio. This essentially means consumers are getting overly bullish and professionals will be selling and shorting. Regardless however of what any indicators show, I will not fight the trend. IF we sell off at the 1195 level our next long setup would be 1183.
Have a great weekend!