SPY has been in a steep downtrend since it's November 3rd top. This downtrend is within a similarly step uptrend, that is within a slight downtrend originating in late May.
While SPY has a gap to fill at 207.63, It has to get above the 200 day moving average, which will be at approximately 206.5 on November 17th. If SPY rejects these levels, it will also be rejecting the midline of the middle time-framed channel, and thus should be expected to follow the short term downtrend it is in.
The price target for this short, if the entry materializes, is 199.5, which should materialize on December 9th, where the top of the short term channel, bottom of the middle term channel, and median line of the long term channel all intersect
If the top of the short term downtrend is breached, and the 200 MA on the daily chart holds, go long to 211.20