Looking Ahead to Monday's Open

All signs point to an upward moving market on Monday morning. We have to watch a key level, which is the down trend that connects the descending highs from Wednesday to Thursday to Friday. With the dollar declining even more today, look for the possibility that we Gap Up either at this trend line or over it (this trend line level being between $109.90 and $110 on the SPY). If we break through that with any sort of momentum, we could move up significantly. Significantly means possibly testing last Wednesday's highs of $110.82. If we don't break through $110, that will be a very good sign for the shorts. However, looking at the charts, this seems unlikely.

SPY 5 Minute Chart ahead of Monday the 16th's Open