Will the SPY Hurdle and Sustain Above 179.00?

So far, this morning’s action does not give me increasing confidence that the key-support zone between 178.80 and 178.00 will be able to contain developing weakness.

To begin to do that, the SPDR S&P 500 (SPY) must hurdle and sustain above 179.00. Otherwise, all of the action today is little more than churning near the low of the move ahead of the resumption of dominant near-term selling pressure that should revisit the Nov 20 low at 177.98.

A sustained break of the Nov 20 low has the potential to press the SPY to 176.00-175.00 very quickly.