SPY reversed sharply lower at 208.48 (December 17, 2015 post-FOMC rate hike Thursday high) to confirm a breakdown below the 8-week range support (201.65/202.18) area (as shown on the ), pointing lower. Further losses open the 196.33/195.03 gap (October 5/2, 2015). Below there would risk towards 192.64 (76.4% of 186.93/211.66 upleg) which is near the range breakdown target at 192.25 (211.66/201.65 from 202.26 breakdown point).
However, bounces off the 199.18 area (50% of 186.93/211.66 upleg) would extend the consolidation and alleviate the short-term oversold conditions. Near term the 202.93/204.84 gap is the immediate resistance.