A pullback was expected, though it surpassed what I thought would be support in the 2880-2890 area. Respecting the potential for a drop to 50d (or in my case 55d ) is always prudent, which is where the bounce occurred at the week's depth on Friday. So what next?
The speed of the decline suggests sideways movement ahead. Other technical indicators ( , lower degree EW waves, comparison to Small Caps and Tech indices, A/D data, etc.) are consistent with expectations for an upward technical bounce, suggesting caution before heading higher.
As anticipated last week, I layered in positions starting with Thursday's drop , and added more on Friday. They're primarily short term based on the above expectations. Comfort zone is still with primary trend being up.