The SPY ETF gapped below its most recent area of support and continued downward today piercing its 50 day exponential moving average and closing below that key level. The ETF has now posted four days of institutional selling in just the last nine sessions. The index was able to rally enough late in the day to close above the $270 level, an area of resistance the ETF overcame back in early May. Distribution days have mounted recently, now totaling six over the last 20 sessions, and there has been enough damage done under the surface to turn our Market Gauge from Confirmed Uptrend to Uptrend Under Pressure. Caution is warranted.