Bullish

• Spy touched the 50 EMA 3 times and held above it
• Its holding above the horizontal support line for now
• With recent news of U.S. Treasury saying there is no plan to block 'Chinese Listings' at this time, we could see some relief from the selloff on Friday

Bearish

• Spy still has further room to fall as the diagonal support and 100 EMA will act as the next major support