Stocks finished little changed Friday and on the week, as investors weighed the start of quarterly earnings reports and conflicting economic data to assess whether an economic slowdown is coming. The S&P 500 has been generally stable during the early stages of first-quarter earnings season that investors expect will show tepid results.
From the weekly basis chart, $416.5 previous high could not break, and this week gave a red shooting star on weekly chart, if this week breakdown $410.17. Then double top pattern will be confirmed, which the market will likely to move to 390ish. From the daily chart, last Friday breakdown Thursday's low and shows some strength. However, 8 EMA cause some resistance for short term. Personally, I prefer to see this as bearish on SPY in the short term.
On SPY daily chart, there's still plenty of downside room to fill. and 21 EMA from daily will likely to see some support.
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