Last week we received a nice recovery in the markets. The sell off finally came to an end around 1,900 on the S&P 500. From there we pushed higher until we ran into the 50 day moving average. Now we are sitting below the 50 day moving average and currently overbought. This will be a good opportunity for the market to push lower again. If the market can make it back to 1,900 in this next push we will have a series of lower-lows and lower-highs forming, which is the mark of a downtrend.
Last week was pretty quiet except for the action on Friday.