Stopped in Its Tracks

Here is an update to that ongoing hourly SPY chart we have been observing. 

On the zoomed-out look, below, note the $208.50 area acting as resistance of late, after buyers valiantly defended that area just above $204 again in recent weeks. The upper and lower light blue lines I have drawn denote as much. I suspect bulls are going to need to clear that $208.50 level again and hold over it if the constructive action is gong to continue. 

Small caps and biotechs are out in front of the tape today, after lagging the last few sessions. Crude and energy stocks continue to come off as I write this. 

Some long ideas of note if the rotation back into biotechnology/healthcare stocks continues: BLUE EGRX INSY JUNO.