This is the start of Thanksgiving week and traditionally, this is one of the most bullish weeks of the year on a seasonal basis -- so that's worth keeping in mind.
Last update discussed the possibility that the decline had done its job and completed or nearly completed, and the market did manage to hold the recent lows during Friday's session. It has not yet broken out of its near-term downtrend, though, so that's the next test for bulls:
In SPX, I probably should have mentioned this (see chart annotation) in the prior update but forgot -- and "better Nate than lever" as the old Dad joke goes:
Bigger picture, the zone around black still appears to be the next reasonably significant downside price point:
In conclusion, it's worth reiterating the close from Wednesday's update, because for now, it remains the most germane feature of this market:
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