The SPY found resistance at the  January low on Monday and then finished right at the low of the session.  As pointed out on twitter, the market is now below the Volume Weighted Average Price (VWAP) from the last two days which means the average long from Friday and Monday is now in a losing position and that makes a test of the recent lows more likely.    Short term,  there should be some support found near 105.75 and 104.60 before the low from Friday comes into play.  If the market turns higher, short term resistance should be found ~106.80 and 107.50  With the 5 day moving average still declining, all rallies should be considered suspect.