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Chart Courtesy of

  1. $SPY has traded in a large range so far in 2018 but up slightly +1.94% year to date.
  2. $274 has acted as resistance last week.
  3. The 100 day SMA held as support last week.
  4. The trading range expanded as the ATR trended higher last week.
  5. The MACD is under a bearish cross under.
  6. RSI shows lowing momentum at 45.23 with room to go lower before becoming overbought.
  7. VIX broke out of its range and ended higher last week at 16.09.
  8. Volume increased last week as the range also expanded.
  9. Utilities $XLU is the strongest sector in the S&P 500 here. This is a not a bullish sector to be leading the market.
  10. A great dip buy opportunity would be a dip back to the 200 day SMA or the 30 RSI or a confluence of both together depending on how the price plays out.