Stock Market Weekly Trading Recap: Watch Nasdaq

Very tough tape to trade last week. I expected a bounce, potential failure of the touted head & shoulders pattern. I expected a bounce to the S&P 500 885 - 900 level, but that was about it.

I was wrong by going short at the 900 level, but had to cover it quickly when it went higher. When CNBC reporters start talking about technical patterns, watch out!

This week will be critical to confirm last week's bullish reversal. Though, I am expecting mainly a sideways, choppy stock market.

As noted in the video below, make sure you have confirming signals to confirm your expected direction / bet. You always want to have a confluence of indicators, versus diverging signals for confirmation.