The sixty-four thousand dollar question is, “What is this strength in the SPDR S&P 500 (SPY)?
Is it a pause in a budding downtrend, or the start of a powerful rally that will rocket the index right back to the high?”
The answer to that question is, "I am not sure (yet)”.
The one thing I am sure about is that if the SPY breaks and sustains beneath 183.60, the next time down, it will be vulnerable to plunge to 181.00 to 180.00 in a hurry.
That will lock in the mid-Feb to Apr timeframe as a completed and meaningful top formation.
Otherwise, as long as today’s low remains intact, a recovery rally to 186.00-187.00 cannot be ruled out.