Weakness Inflicts Damage to My SPY P&F Chart

From a Point & Figure chart perspective, today's weakness has carved out a lower pullback low, which leaves behind a series of lower-lows off of the high print at 188.75.

In other words, this chart is warning us that the decline in the SPDR S&P 500 (SPY) is starting to morph into a budding near-term downtrend, rather than merely a minor pullback within a still viable major advance.

Inability of the SPY to climb and to sustain a 186.25 print before the close will leave the index vulnerable to more downside.