There may be a possible Head and Shoulder reversal pattern printing on the hourly chart for SPY. First target would be the $298.20 range and if that does not hold secondary target would be $297.00 with marginal support at $296 and major support at $294.50. This is negated if price reaches above the break down candle from Yesterday morning 07/29 @ $301.93. If rejected off of the high from 07/24 @ $301.40 this could come to fruition. Note this is relatively confirmed by bearish divergence on RSI from the high on 07/24 and the divergent high from 07/26.
I am still long equities and precious metals, but the chart is speaking to us.