I have neither a short nor a long bias towards the SPY right now. I currently hold no position. I shorted off 196 for 400%, and again off the purple speedline for 50%. When we break above the purple line with conviction (break and hold for 2 1h bars) I will go long, and if we break below 193 I will go short to 192.
Obviously everyone is waiting for the big break down that is bound to happen. However, as long as we keep making these higher highs and higher lows, we can't commit to being bears. As I've stated before, I prefer trading the SPY when it's because it's much more predictable, but we have to adapt to accommodate market momentum.