SPY is range bound for the past 14 trading days. It remains above 20 EMA and hence constructive for the intermediate term. Next likely target is the 61.8 fib retrace at 293. SPY closing below the 20 EMA may start the next leg down. CB's still firing bazookas with BoJ today declaring unlimited buying of government bonds and removed price momentum from its forward guidance.
The European Central Bank and the Federal Reserve Bank will also publicize their monetary policy measures this week. Both these banks are fighting the devastation of economic activity in their economies and are expected to retain market supportive policies.
However #oil remains under pressure with
WTI down more than 17% and Brent oil down about 4% as of now. Not sure if this weakness in #oil will spill over to the general markets. So far the markets have taken this decimation of oil industry in stride. 
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.