Here is a copy of the market as I see it currently. We are in a downtrend coming to a support level indicated by the downward channel 50% point. This is easiest to see by looking at the daily chart. Monday will be interesting. I am expecting the SPY to go up a little this week. It is a hard call due to what is happening in Europe. The Euro is causing the dollar to go up and thus causing the SPY to go down. I have quite a few puts currently and I am waiting for them to hit their targets.