After failing to sustain an early move to the upside, US stocks turned mixed over the course of the trading session on Friday. The major averages pulled back well off their highs of the session, with the Dow rising 65 points. Early buying interest was generated by a rally by Chinese stocks, which rebounded strongly from an initial move to the downside despite disappointing GDP data. Existing home sales slumped to their lowest annual rate since November of 2015, a much higher than expected decrease. Earnings news is likely to be in the spotlight this week, as the US economic calendar for the week is relatively quiet. Reports on new home sales, durable goods orders and consumer sentiment may still attract attention along with the Federal Reserve's Beige Book.
While still in a long-term uptrend, prices are trading close to the key technical support level at 25640 which might trigger bearish pressure. Selling might speed up should prices move below the nearby swing low at 25236 where further sell stops could get activated while we test the key support at 25640 again.
Support: 25100 25000
Resistance: 25640 26250