Just observing SPY's price action. I have drawn a rising channel which contains the price action for SPY since early last year. Friday we touched the bottom of the channel and closed near it. Looking back, this support line has been tested 8 times before.
One successful crash (red circle)
Three failed break (yellow circles)
Four bounce and reverse the next day (green circles)
Now, next week we will find out what happens this time around.