However, the first test has held and the S&P is now reversing to test its daily VWAP from below. This is a key area with next support all the way down at SPY $121 (well not too far down), which would nearly close the 11/30 range (not closing) gap. Financials are a bright spot today, don’t ignore that. There are also rumors of planned commodities liquidations by hedge funds to be aware of.
