so far, we’ve seen some pretty impulsive selling as both the QQQ & IWM were stopped cold and rejected off those resistance levels while the MDY failed on yet another attempt to break out to new highs (60 min chart shown but take a look at a daily chart as well).  therefore, although the SPY made a valiant effort to break above that key resistance level and run, it was pulled back down by the other indexes.  these last few posts are an excellent example of how important it is to not focus on just one index, or individual stock, when trading.  so often i see clean, solid breakouts on an index or a stock only to watch it fail quickly because one or more other key indexes stopped at a key level shortly after the first one broke out (ditto for a individual stock breakout failing because the market hit resistance and reversed after the breakout).  as bearish as the action today might seem, we now have the SPY/SPX sitting above that support zone (7+ recent gaps) so i’ll be waiting to see how prices act if/when they back-test that level.