SPY: Hawkeye perspective

This "higher high" can act deceiving to most traders. It's actually a 'broadening wedge' which has been in the making since early 2018. When broken out above, is most of the times reversed and trailed lower than the lowest valley of the formation (in this case at $234). The formation was formed correctly, including a 'partial decline' from April through June of this year, but then (after breakout) failed to remain outside the formation. Once you return inside the formation there is (almost never!) no way of return. I won't say this too loud as obviously everyone knows how manipulated the market is (by the big banks *cough cough*), and so I state my "opinion" with caution :)

But one thing is for sure: if in any case the stock breaks down starting from the support line at $275 and lower ending a weekly candle, buy puts and enjoy the ride.