For the first time since the May 24 gap higher, the SPY closed below its daily VWAP yesterday. One day makes not a trend, but it does give us reason to raise our awareness of bigger levels.
I consider the intermediate term trend to be “innocent until proven guilty” as long as it is above the rising 5DMA. The current VWAP from the 5/24 gap is also found right at the same level (near 20925) which makes it even more important as a level of near-term support.
Of course, we could just take a look at it with zero indicators and see that 209-20925 is important for near-term support. The point is, that the trend is still higher but it is beginning to weaken. It is time to raise your guard and raise your stops.