It may be time to take a little vacation while charts setup again.

We’re not seeing the sharp rip higher yet that would mark a quick dip low and we did see a weak weekly close which isn’t great at all.

That said, we may well just rest a while and not move any lower.

I’m with a high level of cash for now.

Had AMZN not bought WFM Friday and moved nicely higher, we’d likely have seen the Nasdaq continue to move lower, as the chart is showing should come.

All in all, it looks like a good time to take a week or two off while we let the action show us a low and then wait for charts to give us buy levels.

SPY remains in the channel and will until it doesn’t.

It’s a pretty easy range trade to play.

Have a great weekend.