The weekly candle once again resembled a hanging man.The bears seem to be showing their presence by pushing prices down leading to the long lower shadows.
The long lower shadows show buying at lows but the buying seems to be lacking enough strength to give the thrust upwards.A break and close below the low of the week's candle at 1398 will trigger weakness.
Daily Chart shows the S&P in an uptrending channel, shown in red with support and resistance at 1406 and 1437.
A potential cup and handle pattern is seen with neckline at 1421.Breakout may see the highs of 1474 being taken out.
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