It’s pretty simple right now. SPY either breaks above 141.82 and the market rallys or it breaks above 140-139.63 and the market declines. Why?
SPY has chopped around the last few weeks bouncing off its up trend line and failing to get above resistance at 141.82. These support and resistance level converge in the next few days as SPY’s uptrend meets SPY resistance. This is known as an apex. At this point SPY will have nothing to do but pick a new trend downwards or continue its uptrend.
If SPY breaks to the uspide it would send SPY to the 2008 highs. If it breaks the trendline SPY is more then likely headed to the unfilled gap at 137.95. After that one has to look at the charts and reevaluate.
The Piker Indicator is showing a sell signal so based on this there is a slight edge to the bearish side.