SPY Breaches Key Support Level

As I noted in the member only Trade Report two days ago, I took an early entry short position in SPY (via short ETF SDS)based on the idea that a failed breakout could lead to big gains, while continued up move would stop me out for only a small loss.

Today we got the breach of the 50 day moving average (as of 11:45 ET). The next key level is the long breakout bar posted 4 days ago. If that support level does not hold, I would not be surprised to see a retest of the recent lows, in the $120-122 range.