$SPY has been in a $205 support and $208.50 resistance trading range for two weeks.
For the past seven out of ten days $SPY has closed lower than it opened. This is a sign of distribution.
A bearish MACD crossover is signaling a leveling out in the up trend and a loss of momentum.
The 68.82 RSI is a historically overbought area with a very limited up side trending potential without more consolidation.
The 10 day sma is being lost as secondary intra-day support.
$SPY currently has little volatility and an expansion in volatility will be a signal for the beginning of a possible pull back.
Put option sellers have been very profitable since the bounce under the 30 RSI at the bottom. This is still a system in favor with the lack of any weakness in price action.
I would have a signal to sell bearish credit spreads on $SPY due to the great probabilities with a move over the 70 RSI intraday.
