Ok so lets go through this chart, first thing on the chart there are horizontal trend lines every .2 because from what I have been taught/learned SPY moves in .2 increments. We can see is the rally for the day started right as POMO was going on. Consolidation took place around the R1 pivot before moving up to the pivot midpoint where price consolidated around the same .2 range from 11-1. As the downtrend started around 12:20 PM, SPY broke through the support at 131.6 around 1:00 PM the next area of interest was the 32.8% retracement at 131.51 this is where the next small bounce occurred back to the pivot midpoint before continuing the downtrend. The next bounced occurred right around the R1 pivot and the 50% rectracement level moving again in the .2 increment before continuing the downtrend all the way to the 61.8 retracement at the close.
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