1. Volatility expanded as $SPY went from all time highs to the 21 day ema in one day wiping out four days of gains in one session.

  2. Holders of $SPY took the opportunity to sell into the rally Friday after non-farms payroll.

  3. $190 $SPY was the dump zone, that is where bulls locked in profits. The $SPX 1900 was a target by some great Elliott Wave technicians and it proved to be the target everyone was waiting on.

  4. Buyers did step in at the 21 day ema to support the plunge.

  5. Most expected a rally into the close with shorts covering not wanting to hold going into the weekend but this did not happen.

  6. Momentum stocks like $GOOG $TSLA $FB $LNKD and $PCLN were dumped for huge percentage losses. This is how a late stage bull market acts.

  7. Utilities, energy, and gold some of the only green on the chart Friday which is sign of sector rotation of capital.

  8. If the 21 day ema is lost the 50 day is the next level of best support and a potential bounce zone.

  9. Look for the 5 day ema as potential resistance level for rallies.

  10. Look at prices to hold up and bounce at the 30 RSI if we tumble down that far.

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