It looks liks Monday will determine the course of stock market action for the next couple of weeks. Today's action completed an impulse pattern off of yesterday's low which is most likely wave c of [c] of 2 of (C) in an expanded flat correction. But there is little room left for upside without invalidating that view, so the selling must begin fairly quickly Monday, or the current rally will likely continue for several more days.
Volume has been very light today. They are blaming it on the snow, but it could just be signs of lack of buying interest. There's not much to do, but wait and see.
FWLT has made a deep retracement of yesterday's rally off of the low, but yesterday's rally looks quite impulsive, and as long as the low is not taken out, FWLT will probably move higher from here.
AMZN has not budged at all during this entire rally. This is quite bearish and supports the view that we may see selling early next week.
All in all this continues to be a tough tape to trade, and calls for a mix of longs and shorts with the expectation that many will not work out and the hope that a few will move enough to make it worthwhile.
Have a great weekend, and don't worry - the trend in stocks will assert itself before long.
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