SPY broke below the 207.69 support (June 9 low) to suggest near-term topping and open the 206.76 support (May 6, 2015 low). Below there would form a two-month top and expose the 204.12 low (March 26, 2015). The gap high at 209.39 (June 26, 2015 high) should cap bounces. Outlook: Short term: bearish Long term: neutral