Due to general market choppiness I have been light on trading in recent weeks, so I thought I'd take the opportunity to zoom out for a macro view of things. Two things stick out to me on this monthly chart. 1) The ~410 area has been difficult for SPY to move past for quite some time. 2) The 100 and 200 EMA's on the monthly view are FAR below the current price. Perhaps we can stay in a sideways trading range for some time (or potentially retest the ~410+ areas of resistance again), but being that overall sentiment is again leaning bearish, I see trading at price levels around the 100EMA on the horizon for the middle half of this year (around the shaded box area). Just my personal opinion.