Based on Fibonnaci levels and simple historical areas of resistance and support.
Assuming that 2018 contained the blowoff top of the current market cycle after the 2008-2009 crash and subsequent rally, A fib drawn drawn from the 2000/2008 top to the 2018 top gives us the following levels. Assuming a healthy retracement takes to the 0.618-0.786 levels, there's a strong case for sub-200 SPY in the coming year.
For a shorter term perspective, wicking into the 0.382-0.5 level caused the immediate rebound and subsequent narratives (Pension Rebalancing, seriously?), leading me to believe there's significant buy support for dips, and this may take months to play out fully.