The last few months have seen the market bounce off the $SPY $184 level. I have covered this level numerous times on my market videos. At some point I think this level will get tested again.... however, I think right now we are poised for a strong bounce higher off this level.
Today we continued the weakness that Friday brought. $SPY briefly fell through the $184 level before recovering into the close. The test of $184 brought out the buyers.
Let's look from a longer term perspective. Again $184 was the support, we held, and short term we should move to the upper range of the current channel.
The move higher will relieve oversold positions.