User: Nf6: Short Term Trend: http://content.screencast.com/users/Jim_Nf6/folders/Jing/media/8d566674-d24d-4b4f-9555-56d3f113c32a/2013-06-05_1827.png

SPY daily with monthly and quarterly Person's Pivots (6/5/13) 

I posted a similar chart this weekend. The short term bear case is playing out. I added volume profiles for the options expiration periods as an overlay. The short term bearish target is at 158 which corresponds to the Volume Point of Control (VPOC) of the last period and the monthly S1 support pivot. If 158 fails to hold then the next area for support is 155, May's VPOC and S1. 

If we reach 158 and rally then resistance will occur at 164.