We haven't even taken out the swing point at 177.99 yet and unless or until that happens, then the I've identified is pure fantasy. However, should SPY close below 177.99 then the next level of support is going to be the swing point of 174.76. 174.76 is not just a swing low, it is also in the area of the .382 retrace from the October as well as the area of the 50MA on the and the area of the 13MA on the weekly chart. This is confluence of support factors and if we do indeed reach this level, then I would expect a bounce of one degree or another from this area.
IMHO, of course.