The pattern of lower highs and lower lows below a declining 5DMA continues to unfold and until the SPY can clear the declining 5DMA and hold above it, rally attempts will remain suspect. The 103 level was tested yesterday and found support in that area twice, a break today would likely lead to a quick test of the October low of 101.99, which is also the approximate location of today’s S2. The market is oversold and a bounce could develop (there is no evidence yet) so stay nimble.