From the February high to the low of the month, the SPY has retraced almost exactly 61.8% of the range which makes the current level of the market of interest to a large group of participants who follow Fiobnacci levels.   The current levels are also a prior level of support and that reinforces the importance of ~108-108.25 to another group of participants.  The market remains fragile and difficult to trust on the long side and current conditions continue to favor short term strategies until the market can settle down.  If the market is going to be able to recapture the 108.25 area it would be good to see a pullback towards the now rising 5 DMA and then a push higher.