$SPY closed down 0.19 percent on Friday, 7/8/2015,

$SPY closed down 0.19 percent on Friday, 7/8/2015, on approximately normal volume. It was able to bounce off of its 200 day moving average, an important long-term support line. The price action carved out a bullish hammer (or hammer-like) candlestick pattern. That may indicate an upside reversal. Look for price to trade above the high of the hammer for confirmation.