Yesterday, price reversed and sellers managed to fill partly morning gap up. It feels a bit messy, as we are still in this slow trending up environment. But still we can approach to our markets with plan and levels to be prepared to different scenarios. So, pivot resistance is $198.10 close to previous top. After SPY broke up 2014 consolidation it entered into trend and 8/21 EMAs act like support, so I will consider them to make adjustments. I won't be "bearish" as price is still above intermidiate trend line. If this trend will be broken, we can see 50 EMA maybe sometime this summer.
On Tuesday, Yellen reiterated that the Fed's loose monetary policy remained appropriate as the economic recovery was still incomplete.She also expressed concerns about stretched valuations in equity markets, especially the social media and biotech sector.
Good analysis, Andrew. With the market pullback last week, it seems the 50 day MA may be in sight this summer if the bears keep the pressure on. We'll see what happens next.