Not expecting SPY to break out on Thursday, had my PUTs loaded up, oh well. Daily chart looks like a bearish bat to me, and we are right at D, so if it is really a bat, then it should go down. However, we are indeed in a rising channel. In the past month there are only higher lows, so the breakout to the upside technically still make sense.
Hope on Monday it will retrace to the 294 level. If it decides to go up I guess I will buy Calls at 294.