The most important feature of this chart is that the SPY "FAILED" to hold above the last 15-day "mode" at 200.25. The SPY did hold above that 15-day mode level for an entire session and created the upside target at 203.75. Note the light purple arrow on the chart. The box (green) was 17-days, but the forecast is for a 15-day rally since 15 days touch the mode.
I added a lower box to show you that the market not only failed but also failed by more than the recent range that the market has been in. So, the market has a LOT to prove here to get back on its feet.
More to follow.
Tim 197.02 last SPY , 12:35PM EST 9/29/2014