SPY Update

 The SPY broke below the lower trendline, an obvious stop level.

This looked very much like an intentional move. As I pointed out in my last market post, there seems to be a consistent pattern of positive divergences or accumulation at the lower trendline of this obvious price pattern.

This is the obvious price pattern and I still believe the most probable outcome will be an upside breakout from the triangle. I'd also be very wary of that breakout and suspect it will end up turning into a bull trap/false breakout.

However it can be used tactically to enter inverse or short positions that you may have your eye on.