Another bounce off support, another fade. SPY and for that matter, ES, NQ, the Nasdaq Comp cash index are all trying to hold the YS1s. If those continue to hold, better bounce coming up. If break, then that will look really ugly and invite a flush below the August 2015 lows.

From The Pivotal Perspective, SPY has held YS1, 1HS1 and JanS3 for 2 days. But if this area breaks - meaning SPY 186.25 and ES 1866 - the next support level is Q1S2 at 179 and 1776 respectively. Both charts below.