Spy is still trading within the trend channel that began back on November. as of now it looks like it will start trading under the 20MA. If SPY does not go below the trendline it might trade in between the 20 and 50 MA until the price decides what direction it will take. As the title states, I am more bearish as I have seen many stocks at overbought levels. even so, there might be one last push up before a big drop. I could be wrong.