Bearish follow through on 12/18. If following pivots, you were reducing any adds made on 12/16 on 12/17 - very early if able to actively manage below the the DecP, or if system is based on close, then at least then. By 12/18 you would have been significantly less long as SPY and several other major indexes (DIA, QQQ) went from above all pivots (as of 12/16 close) to losing that status at various times on 12/17.

As far as SPY goes, it is under DecP and 2HP, above the Q4P and YP. DecS1 broke for the 2nd time, and next major support is the DecS2 / 2HS1 / YP combo area all 197.40 to 197.88. That said, it is holiday time and maybe some of the trading algos will be turned off. What is more important is where the major indexes open in respect to 2016 pivots. More on this soon in a blog post.

The other point to make is that looking at the 3 variations combined (SPY ES & SPX) it looks more like a rejection at the Q4R1s (red crosses) that had exceeded on SPY from 11/2-6 and again from 11/20-27+. This rejection is especially clear on ES and SPX.