SPY - Resisting with Resistance

CME_MINI:ES1!   S&P 500 E-mini Futures
We are possibly in technically uncharted territories now that the SPY has broken it's long term upward trend and has now tested and confirmed a new downward resistance level . The market structure is also supporting a downward trend, with few points of volume showing sound structure through out the SPY -- in other words the SPY's profile structure is somewhat akin to a house of cards with areas of support that are spread far apart whose volume is stacked in a pyramid shape.

The bulls will need to push the SPY to break this new resistance level and quickly start building structure to keep the bears from taking any more cards.

It will be interesting to see how the wholesalers and institutional payers start changing their strategies in this new environment.