Due to the importance for nearly two years, closing back above on a daily basis on the first attempt with s/t overbought conditions seem unlikely. But with the fed set for Wednesday, anything is possible. If a pullback does occur likely targets are 194.60 and then 192.7.
As of now this may be considered a buying opportunity as SPY has formed what may be a bottom. If so a much higher price target of around 210 is likely with a late Dec timeframe. If so any pullback should stop above the downward sloping trend that broke. Otherwise the pattern is likely invalidated.
One final thought, I will be interested to see how the market handles the red . if it was the primary trend of is market then closing back above on a weekly basis should be difficult. But looking at some longer term trends I believe that that another line is more important. The next two weeks should answer which is correct.