Notice that the Nasdaq did not make a new low, as the SPX did.
This is a feather in the Bull's cap for now.
Also take a look at Dow Jones Transports.
They not only have completed 5 down into early and mid-July with a successful "double-bottom" test, but also appear poised to be heading into some sort of a (3).
This sector could be arguing for the recent low at 120.75 in Sept. Crude Oil to be taken out, which would then allow for a swift move down, with literally no support till the 110.00 level. - - - Should be interesting to see how the oil markets react to this weekend's "show-down" with Iran.
As for the Dow on Friday, the hourly chart looks to be some sort of a pullback off of the Wednesday high at 11,681.47
For traders, the key is that whether or not we are simply in yet another little "b" decline of a corrective A-B-
C, or we are into some sort of a (ii) before heading into a (iii) as part of the next impulsive wave up ( and the Big 5 ) - - - the case is certainly being made for higher prices, either way.
For example, even if still "corrective" a C wave next week could easily take us above Wednesday's DJI close of 11,583.69
Might see some weakness early on Monday morning, but if the market can stay above 1253 SPX and close higher, I would have no problem going with it, and arguing for a "measured-move" of 91 handles up to the 1325 target that many of us have talked about.
Have a great Weekend everyone!
, so it was confined in a trading range, after fallen from the high at 11418, 1270, 2328 just below the pivotal point at 11438, 1282, 2331 
.