The VWAP for the year is ~127.15.  Although we are only 5 days into the new year the psychology of the YTD vwap tells us who has control buyers or sellers.  The average long in the SPY is now losing and dealing from a realative position of weakness.  If you are short, you should be feeling good about your positions and may press.  This comes within the context of a bigger uptrend, that bigger uptrend is extended.