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SPY nearterm heading lower to fill the $291 Gap.

SPDR S&P 500 ETF TRUST (AMEX:SPY)  
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AMEX:SPY   SPDR S&P 500 ETF TRUST
Trend Analysis
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trendanalysis
$SPY Near term not looking good: now the possibilities of complex head and shoulders top is back. We'll need to see a decisive breakdown of the neckline to confirm however. An official breakdown is not merely a breach of the neckline but rather a break of the neckline followed by a retest to reclaim it that fails. That is what is known as a formal breakdown.
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