Last week ended with a lack of conviction from all the indexes. SPY, QQQ, and IWM failed to close above their resistance line or the low set on the week of Jan 24. Looking at the intra week action, we see that none of the indexes could last a day over their resistance line. IWM found resistance at the 2% filter off the channel and 40 day EMA. SPY found resistance at the 20 and 200 days EMA. QQQ found resistance at the 20 days EMA.
Looking at the week ahead, we will get greater clarity if the downtrend will continue, preferably by recording a close below the low of the week of Jan 24th. There also could be a sign of a downtrend reversal by all three indexes closing multiple days above their resistance EMAs and resistance line.