Bearish day - no doubt about it. However, the 50 SMA on $SPY held and that is important. If this was just a cascade of selling that support level would have b

Bearish day - no doubt about it. However, the 50 SMA on $SPY held and that is important. If this was just a cascade of selling that support level would have been blown through with heavy volume, but instead we hit it and bounced up. For the moment - no bearish confirmation.