Thursday's Weakness Inflicted Significant Damage to SPY P&F Chart

Yesterday's plunge in the SPDR S&P 500 (SPY) violated important support that resided from 199.40 to 198.40, which also locked-in all of the distributive price action between 201.80 and 198.40 as a significant P&F Top Formation.

Based on the P&F pattern, SPY has a downside swing target of 194.00 off of the top.

Any recovery strength should hit a wall of resistance above 198.20, and only a print of 199.40 will neutralize the current negative near-term outlook.