Some of my readers will recognize my previous work from the Reversion to the Unified Mean (RUM) Wave blog. I wrote it in relative anonymity for a couple years. That work can now be found here.
I think Friday's bounce was the start of an intermediate "B" wave, in Elliot Wave terms. That said, we could see some more upside out of it, but I don't think we are done with Primary Wave IV. Think 2011 for reference.
The SPY chart below looks like it is approaching a low point with regard to price volume, so I'm considering that as a potential point of resistance for bulls.