The SPY has finally made the anticipated wedge overthrown official by gapping back below the pattern (orange trendlines) today. The bounce since the open has brought prices back to retest that upper-most trendline from below, now offering an objective short entry on the $SPX or SPY (with the appropriate stops above, maybe 3-5% or depending on one’s unique price target). Also note the recent breakdown of the blue sub-uptrend line, which adds additional confirmation a sell signal on the $SPX/SPY. My initial target remains the 147.40ish area, as shown on the previous SPY daily chart, which is comparable to the 1470-1475 area on the $SPX.
