Like I said in late March, if $115 gets taken out I'm thinking the market could be pricing in "double dip" recession risk or an economic growth retracement ahead. That's yet to be seen. If $SPY hits $115 I wouldn't be surprised to see a bounce. See charts below and a video with potential support levels and fibonacci retracements for the S&P 500 and $SPY. I added the charts of VXX and VIX (volatility index).
SPY (SPDRS S&P 500 ETF) - Courtesy of FreeStockCharts.com
SPY zoomed out to March 2009 lows, with retracements
VIX (Volatility Index) vs. SPY... Stock Insurance is rockin
VXX (VIX Short-Term Futures ETF) vs. SPY