$SPY Momentum Fades, Support Test Near $686 Likely
$SPDR S&P 500 ETF Trust(SPY)$ :
The bullish momentum seen on Thursday and Friday mornings vanished by the close, printing a series of lower highs and a breach of the diagonal support.
With the MACD curling downward, the structure suggests a test of $686.4 reinforced by the 20DMA next week.
This seems to be exactly the opposite of the trend of $S&P 500(.SPX)$ :
The hammer candle formed yesterday after bouncing from the 20DMA in confluence with $6,912 (one of the levels for this week) suggested a continuation for the bounce.
The futures are suggesting the thesis is valid. Despite of the red day, breadth improved.
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