I don't know what happened on Friday, but out of no where permabears rose again and started yelling their usual chants: "This is it, watch out for black Monday, expect at least a 100 point drop in SPX to mid 1500's on Monday ...... run for your life, the sky is falling". Then, just an hour prior to the close, a well known talking head went on CNBC and told viewers that "things are terrible and Dow 12K is around the corner". I guess he forgot to mentioned that he was talking about "Dow 20K " on CNBC just a few weeks earlier.
They say anything to grab attention in order to get more subscribers. And they've learned well, from their master Rupert, that nothing sells better than the stench of fear.
SPX managed to close for the week above its 50 D-SMA, that is very bullish. Chances are good now that SPX is on its way to test 20 D-SMA and then its primary downtrend line around 1675 -1680 sometime this coming week. What is really needed is good news ("no taper anytime soon") out of Jackson Hole.