An alternate way of looking at it: SPY was rejected at the first level of fractal congestion (I) which became resistance. Until it clears that level, the market is under the controlled by the bears.
Supported consistently over 377-weekly EMA (weekly chart turned BEARISH once 135 failed); recently broke thru 200-daily EMA support to find recent support around $105.00, albeit weak. Ultimate ceiling resistance = 135.00, IMHO.
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