207 is also Dec 15 high, form where the market plunged to the low of 181. It is the price where the market crash started and we saw the low of 181 twice and yet we are back at that level. The SPY did retreat from that level today. If we look closely the market did reach a high of 207.14 and the reversed from that point so it will be giving some hope to traders who are short but we will have to see if there is a follow through for the rest of the week. We are entering into the earnings season next week so it will all depends on the type of earnings announced.