So far, $SPY has held its 200 Day moving average around 393.

So far, $SPY has held its 200 Day moving average around 393.  The recent sell-ofs seem to be on lower volume and with little follow through.  While the market tone is bearish, smart money would say buy/hold until the 200D MA is decisively broken – it is a very low-risk potential high reward entry level here.