Market Sets Up for Relief Rally. But Is the Technical Damage is Done?

Despite Friday's 22 point rally in the S&P's, the index price is still well below its long term Chaikin trendline, while its Bull/Bear ratio continues to slither under one (and only 79 Bullish stocks).  Price action in most countries around the world is not encouraging and a slowdown in economic activity see s confirmed by The Shipping Dry Bulk Index (SEA) ETF's measured decline. Contraband must be supporting shipping day rates, because these ships ain't bein' kept afloat by the worldwide economy

What's tradeable?

•  We appear to have found our way to a significant SPY support level  amidst very oversold market conditions at around 1900.  With Friday's bounce in stocks,  I imagine we'll see a bit of snap back rally, but I'm  not feeling it...the pull of  Risk-On-O-Mania.  Are you?
• IF EEM holds $43.25, then $45 is the bag.  The stock has gone sideways since its mid July Relative Strength Breakout signal.  But the metrics that usually support the continuation of trend are in place: Chaikin trendline, money flow and relative strength. 
• I could see this aggressive bull put spread on Goldman Sacs.   Price target: $177

Our rules sill  keep us from initiating multi-month trend trades for the foreseeable future, but  we'll have no problem  safely snuggling up to some higher probability, risk defined  options spread trades on any day that Implied Vol pops.  Meanwhile, we lie in wait for a market failure at key resistance, with our finger on the E-mini futures sell button.  Be ready pounce on on lousy stocks. Grab the offer code for a $30 monthly subscription savings and $300 first year annual savings