12Mar12:18 pmEST

Symmetry Worth Observing

Headed into the east coast lunch hour, the S&P 500 Index is coming to terms with prior resistance from Tuesday morning's gap down in the market. 

Specifically, on the SPY, actively-traded ETF for the S&P, we can see as much on the 30-minute chart below. 

$206.80, just above, acted as resistance thus far today. 

Headed into the afternoon, I am keying off that level above to see if the rally has any juice, beyond a mere oversold bounce.

Above there, and I would consider lightening up my bearish exposure. 

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