We have a very clear cut consolidation that makes trading very easy. It hasn't broken yet but when it does " LOOK OUT BELOW " Its measured move takes us to 230 on the SPY . Although 240 will provide some bounce as it has nice support on the left side of the chart. If 263 breaks then that we should start to get our impulse down. If your long in this market then please just get out & let things pass. If you're short then congratulations because you might be on top of the best trade in 10 years in the legacy markets.
We could, of course, get another relief rally/dead cat up to 270 upon which will be the next shorting opportunity. Price at this point should be capped at the 275 area due to some death crosses happening in our MA's