We will see if SPY can get above the 187.5 neckline resistance. I believe this is an important level in the short term. 2 things that are positive for the market are: we did not make a lower low for now, and the RSI has actually improved each time we approached the 181-182 level. If this is a bear market, the decline is far from being over. IF the SPY head and shoulders pattern fulfills itself. We are look at the 165 neighborhood. Personally, I believe we have more room on the downside, but we will see.