Most recently, the SPY has bounced twice from $105, and it's a very long-standing Support/Resistance level.
The more we test $105 and the weaker the bounces get can result in things getting very messy sub-$105.
The first bounce saw relative support at each Fib. level between the "flash crash" low and it's bounce pivot, particularly that of the 61.8%-78.6% retracement levels.
The recent bounce and tomorrow we'll see what kind of support we get out of the 50% retracement level. We should be able to gauge buying interest soon in terms of whether we'll see a lower low.
Waiting to gauge a reaction off of $107
updated chart after today's session:
got sold off of the Upper Median Line only to come rallying back strong.
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