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$SPY: 50%-61.8% Retrace Seems Likely Before Continuation Higher

Short
SPDR S&P 500 ETF TRUST (AMEX:SPY)  
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AMEX:SPY   SPDR S&P 500 ETF TRUST
Technical Indicators Chart Patterns Trend Analysis SPDR S&P 500 ETF (SPY) SPX (S&P 500 Index) US SPX 500 retrace Bearish Engulfing bearishdivergence Fibonacci Retracement correction overbought-condition
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indicator chartpattern trendanalysis spy spx spx500usd retrace bearishengulfing bearishdivergence fibonacciretracement correction overbought-condition
The SPY seems likely to pull back to the levels of $420 to $400 before it can later decide whether it wants to continue the overall Bullish Trend to all-time highs. In the meantime, we are dealing with Double Bearish Divergence on the MACD, Overbought Conditions on the RSI, and a Bearish Engulfing Candle on the 4 Hour all while trading at the 1.13 Retrace of the local range it just broke out of.

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