The SPY ran up to the declining 5 day MA and traced out a lower high from which the market experienced another quick, fear driven selloff, this is the send such selloff in the last 4 sessions. The market appears to be rapidly transitioning into an environment of a greater acknowledgment of risks, which had been largely ignored for several months. There are several levels of potential support below the market including yesterday’s low near 106.60 and then closing the next gap just below 106 and prior support ~105.10, the uptrend line near 104 is the larger area of focus and it is likely to get tagged this week if the 50 DMA fails to hold at ~104.95. Short term resistance should be encountered near 107.50 and then at 108.0