S&P500 fail to shine on Friday; Closed below MA5; Points to another leg down to 420/416; Weekly Chart also shows some pullback to go before bounce!

Basis : MA50 on a weekly chart is often a trend indicator one uses to easily see if we are bullish or bearish.
Basis : Price action above MA50 ==> bullish (RSI > 50)
Basis : Price action below MA50 ==> bearish (RSI < 50)

Weekly Chart
- Still within Uptrend channel since Oct 2022; Past week candle actually showed a good support off the channel
- We are coming up to a key support level/range of 420/416
- MA50 is coming up to support at that range too (confluence)
- The larger bear flag zig-zag (from 3 Jan 2022) does point to a full play out to 320 ==> Don't panic. Observe price action. Plenty of support levels to break to get there)

As they say, Bears jump out the window down; Bulls take the stairs, and that first major step is coming up at 416/420! Look out!

I'm neutral to the market trend at the moment. I will go bearish when 416 breaks.