Perfect test of the SPY intraday VWAP earlier on the bounce (see chart below).

Intraday VWAP is indicated by magenta/cyan dots. TradeStation EasyLanguage code for anyone who wants the indicator (I found it on the internet somewhere):

inputs: UpColor(Magenta), DownColor(Cyan);

variables: upperMPD ( 0 ), lowerMPD ( 0 ), band ( 0 ), 

HH ( 0 ), LL ( 0 ), Answer(0);

Answer = VWAP_H;

if AvgPrice >= Answer then

SetPlotColor(1,DownColor)

else

SetPlotColor(1,UpColor);

IF High > HighD(0) then

HH = High 

else Begin HH = HighD(0);End;

IF Low < LowD(0) then

LL = Low 

else Begin LL = LowD(0) ; End;

band = ( HH - LL )/ 2 ;

upperMPD = Answer + band ;

lowerMPD = Answer - band ;

IF Answer<>0 then BEGIN Plot1(Answer,"VWAP");

  END ;

{ Alert criteria }

if Last <= lowerMPD then

Alert( "VWAPlowerMPD" )

else if Last >= upperMPD then

Alert( "VWAPupperMPD" ) ;