If I had to speculate I would expect a little early profit-taking showing strength later afterwards. The upside is pretty limited and the downside is strong. With the debt ceiling coming up, I do not want to engage in a long only to become trapped and a collision with the debt ceiling looming. I suspect next week we will see more of the correction that we had been expecting, so for now I wait. There will be great opportunities, later, and we don't need to play movements that are harder to time exits on. If somehow they get the market to rage rally more than yesterday, it is a sell signal, not a buy signal, but I do not see a stronger day today as of now.

The weekly SPY candlestick looks like a hanging man if everything stays as is. All candlestick formations need confirmation follow-up, but treat it with due respect too.



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