The link above is to my Youtube channel where I give daily insights of the $SPY, which if you do not know follows the S&P 500. Please check it out and let me know what your thoughts are on where it may be going. Thanks
On the hourly chart of the S&P E-minis, Fryday's selloff had the highest cumulative volume in several months (yellow box). I think it is likely therefore that this latest trading range is a correction of that down move and not the start of a new up-move (supply is in the background) with near-term support being found in the 2820.50-area. If however, the market can rally above 2853 (where the markdown began) then the bullish picture will be improved. S&P E-mini 60-minute sticks:
