The correlation between 'now and then' continues to increase and more downside is absolutely possible, so be careful with any overnight longs (i.e. position size is important!).
The chart below shows what could happen over the next few trading days (8 to be exact).
Correlation Chart (1938 vs. Present)
However, a long position is warranted based on the forecast (obviously!) and the simple technicals I use (RSI(9) on 120min bar chart).
Intraday SPY Chart (60-day, 120min bars)
What I'm saying is (a) be smart about your trading and (b) be willing to take the loss if we gap through that trend line on Monday.
