Damage done last week; first on 11/9 and again 11/11 Q4R1 (red crosses) clearly acted as resistance; on 11/12 2HP (orange dots) broke; and by Friday SPY was testing MP (small orange dots).

The first chart below shows long term levels only, ie yearly and half year pivots. The next chart shows medium term, ie quarterly and monthly. The third combines both. The long term levels are more important than the medium term, so the break below 2HP is significant; this is really the third break this half so yet another recovery would be quite rare. For now the level to watch is the NovP at 202.16 on SPY.