Focusing on the SPY and that island reversal, well it's still...

Focusing on the SPY and that island reversal, well it's still there but close to closing that gap. Even trading into that gap and following the bounce off support has taken some of the gloss off a bearish bias.

A critical juncture here as we need to see almost immediate strong downside movement to retain some bearish leaning, as momentum is still positive. The first and in particular the second support levels are ones to watch.

I really don't know or have a preference as to how this plays out