Market Review & Potential Trade

Greeting Friends,
So much for Thursday’s reversal bar. Friday saw a complete rejection of Thursday’s gains as the markets sold off from start to finish. The move broke Wednesday’s critical pivot low along with several areas of support including the lower trendline of the ascending wedge on the SPX chart. This appears to be confirmation I was looking for a change in market direction and short term market top now appears to be in. We are looking for 38% of the March low to October high move which takes us down to at least the 937 area. I also think the 50% retracement area which coincides with the summer pivot low will act as a magnet (880) but also should provide strong support for a bounce. My bias, nevertheless, is shifting to bearish for the first time since July. However, Monday could provide some support for at least a doji day. I am not looking for the market to pick up downside speed until later in the week so let’s take it easy on the shorts for now.

My potential trade, I'm gonna try to enter SPY Put or SDS Call if the market gapped up tonight.