marketstrats
Long

No more lower highs nullifying downtrend $spy

FX:SPX500   S&P 500 index of US listed shares
spy
New NYSE 52 week highs showing highest reading since October 2013 too.
It is at the top of a two year range. Odds favor a (significant) drop. The current rally has been very strong. Some sort of topping pattern has yet to emerge. A smaller range will form at the top of the larger 2 year range before it drops. At least a small (local) double top or H&S is likely.
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Counterpoint: 52 week time frame has no significance here, NYSE is no were near its May 2015 highs, thus not confirming high in SPX today. Your own RSI is very negative divergence too - about 3 peaks negative divergence now. The Russell index is off too, as is the Dow Jones. More bearish divergence.
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massive call selling in SPY today... and big put buying - huge red flag.
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