SPY extends its stall + stock charts

For the second day running, the S&P 500 ETF (SPY) stalled with an indecisive candlestick. Notice the small body (open-close) and the modest upper-lower shadows (intraday high-low). These candlesticks show a stalemate between buyers and sellers. DIA and QQQQ formed similar candlesticks. Even though IWM and MDY hit new 52-week highs intraday, they also finished with indecisive candlesticks (doji). Indecision after an advance can foreshadow a short-term reversal. As far as the medium-term trend is concerned, SPY is running into a possible resistance zone from broken support around 113. The four week advance remains in place, but SPY remains below the January high and a reversal at current levels would forge a lower high. A break below last week's low (109) would fully reverse the upswing and target a decline below the February low. Also notice that RSI is at the top of its resistance zone (50-60). This is a make-or-break point for momentum. For reference, the blue arrow marks Thursday, February 4th, which was the day before last month's employment report. There are also charts of interest after the "continue reading" jump.