Like Clockwork, After Lunch

Headed into the final hour of the week of trading, stocks are bounce well off session low which were printed during the New York lunch hour. 

On the SPY ETF 10-minute chart, below, we can see the S&P had settled into an intraday falling channel after the huge gap down this morning. 

With sellers failing to hold under $187 earlier, buyers are now making a push over $188 to salvage what looked to be an initial breakdown on the acute S&P ash below the August 2015 lows earlier today. I am not too interested in leaning into any shorts at the moment, favoring at least some type of bounce or consolidation first--Some standouts like CMG and WYNN being green today may be a function of sellers in those names simply dried up after hammering them for months on end, for example.

With a three-day weekend on tap, buyers should consider a close back over 1867 now on the S&P 500 to be a short-term moral victory before they likely face some stiff tests next week and beyond. 

I will update a plethora of fresh, actionable ideas and strategy for Members over the weekend.