Technical Picture - Bullish Price Action on Weak Volume

The SPY has retraced 62% of correction. Despite breaking above that level intraday on Friday, the close was on the line. Looks like an ambush play could be setting up early in the coming week. Ambush - price retraces 50-62% and then reverses back to initial trend, which in this case is the correction.

Last week's uptrend took place on sluggish volume. No accumulation days so we are still in a technical correction. Still a number of leading stocks in a few sectors had bullish moves. Biotechs CELG and ALXN are trading at 52 week highs. Another biotech, HGSI (chart below) looks poised to BO any day now.

JOYG forming a handle on developing C&H pattern.

MA didn't BO out of bearish flag as I had hoped, although it did grind lower. We'll give it more time.

CLF was one of my favorites this week as I was able to get two back to back winners as depicted below.

Keep this one on the WL. We have a bullish flag pole following earnings. Next resistance level is $55.00. Once that is out of the way, we go to $60.00.