SPY 2-2-2014

The SPDR S&P 500 (ARCA:SPY) ETF fell 0.18% as of early trading on Friday morning. After breaking down from its trend line support, the index moved below its pivot point and S1 support to new trend line support at around 176.00. Traders should watch for a rebound from this level towards its pivot point at 181.96 or a move lower to S2 support at 173.77. Looking at technical indicators, the MACD remains in a bearish downtrend although the RSI appears oversold with a reading of 40.81.