We only had 3 full days of trading and a half-day on Friday; therefore it is difficult to draw any conclusions from the price action during this relatively short period of time. SPY gained a fraction of a percent for the week, while QQQ lost a fraction.  

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         “Choppy market environment” - could be the descriptive term for what has been happening in the markets for the past few months. Just last week stocks were down over 3.5%, only to reverse this week and recapture most of the losses. Many commentators and seasoned traders are having trouble explaining this type of action and are subsequently getting whipsawed out. Is the market right now bullish or are we entering a bear market? 
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Stocks are down for the week as they erased 3 weeks worth of gains in just a few days. If you watched several of my videos beginning around the beginning of September, you will notice that I maintained a bearish bias since then. Powerful rally notwithstanding, I think this was indeed a counter-trend move, and another leg down is just starting.
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​Stocks finally ran into some meaningful resistance close to the all-time highs - SPY has been in a corrective mode for the past 3 sessions. Stocks are very overbought on multiple indicators and are certainly ripe for a pullback, but bears are still having trouble sinking their claws in. How this pullback will unfold is anyone’s guess, but this week we will look at the examples of market corrections from 2011 and 2008 to see how they compare to today.

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