Simply put , 6 days ago the SPY gapped up and traded inside the Measured Move(MM), from 204.16-207.84, but also had traded within the 1rst red candle(daily) post gap. Today it retraced to the BUY ZONES of 206-205.56-the 50/61.8% and bounced back up. It so happens that rumor of a quick fat finger caused the extent of that wick below the 61.8%, but regardless it has presently reclaimed the 50%, which is bullish and vwap is currently 205.94- which is still above supports or within the Buy Zone.
http://content.screencast.com/users/MrSoul70/folders/Jing/media/4d422757-5672-461c-bf05-5b4ea2920c30/2014-12-01_1335.png
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