Looking at SPY's Friday's Daily candle, it is no brainer that SPY has further downside. The next strong support is around 376.5. It doesn't seem likely that this support would be breached. SPY should this week touch this level or reverse very close to it like some where between 378 and 376.
On weekly time frame, SPY has formed an Inside Candle. This pattern indicates there would be a downside breakout in the week of 13th Feb or the subsequent week. If that happens, the first target would be 397. If in the subsequent week of the breakout, the price opens around 395 or in simple words the trend continues then 382 would be second target with is a strong support.
Spy Is looking week if not hold level above previous high then 3-5% downside is possible AMEX:SPY