Here’s an updated 15 minute chart of the SPY which gapped below the downtrend line today, undoubtedly trapping many longs. Prices are now just above support so a reaction here is likely although also likely to be fleeting. Once this support level breaks, which I continue to favor, the next important support/target is the 159.70-80ish level.
Just any fyi: The last few SPY charts labeled as 5 minute charts were actually 15 minute charts like the one below. I had changed the time frame on my 5 minute template to a 15 minute period and had mistakenly referred to them as 5 minute charts.