SPY ETF: Close Below 277 Look Out

An S&P 500 ETF (NYSEARCA:SPY) close below 277 and we have further risk to the downside. Today's a day without much bad news but a sharp move out of nowhere needs to be listened to.

Add to that we just closed topside of 280 and quickly reversed. Stocks that led the market on the way up in the cloud/software space are down big maybe with earnings news mostly behind us.

Trade news may sound good but short term the conclusion just gets pushed out to the end of March. So traders may be selling positions they took hoping for a conclusion by now and reload as we approach month's end.

In the meantime the SPY ETF above or below 277 will help to tell you what the market wants to do next.

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