Back Down to Yesterday's Lows After Bouncing off Resistance

SPY does move past $104.50 this morning to break the range, then bounces off resistance at 200 day moving average and 50% retracement from Friday's Decline. 

(Figure 1.)

We are currently at the Low's of the day. There may be a small scalp play off the double bottom we are presently seeing, however, I expect that we will eventually break through the $103.08 double bottom and reach the $102.70 level on SPY before the day is over.