SPY reversed lower off the 192.49 high (October 1, 2015). Given the weak indicators, there is scope for further downside. Below 186.93 (September 29, 2015 low) would extend the current decline to test the 182.40 spike low (August 24, 2015). Below lies the 181.92 key low (October 15, 2014). However, if bulls are able to reclaim the 192.49 , that would relieve the downward pressure and shift the focus towards 195.00 (September 25, 2015 high) which is near the 20 day moving average currently at 194.34. Only an upside push through there would stabilize the structure.