SPY - Hanging in There

The SPDRs are hanging in there today, coming up off the lows of the day near 209, looks like a good short -term support level is developing at 209 (about the blue line on the chart). Progress has been slow and steady since the beginning of February, it would be nice to see support hold and a progress resume.

Below is the weekly chart, wow that looks good, moving up nicely in a well defined channel, SPY could drop to about 190 before longer-term concerns set in.