SPY is still in shorts.  We did close below the PP for the day.  We did test the long but it sold off.  We have a fight over the trend.  Move  your stop to 177.07.  Friday is Mutual Fund Friday so that tells me money will be coming into the market with market orders.  We may have a pop on Friday.  Keep an eye on the market so your stops don't get jumped.  Check the ES in the morning for the warning signs. 

If we get some room to the down side we will be able to move our stop to break even tomorrow night.  We will let that run for Mutual Fund Friday and hope we stay in.  We do have two resistance points (support) you need to be aware of, 175.56 and the 171.02.  The idea is to ride this short to the 171.02. When we hit the target, take the back test of the 171.02 for a long.  

Options traders:  We are still in a put option long.  Keep your stop at 3.91.  At the end of day Friday we should be able to move our stop to breakeven or a small profit.