The SPY is squeezing inside of symmetrical triangle on the weekly chart which portends to a decent sized move one way or the other once price action breaks outside the triangle.
Last week we outlined 2 possible scenarios which are still in effect:
There's a higher probability that we break to the upside to hit all time highs.
Or we break to the downside and with 201.92 being the first downside target.
For those interested in options - with volatility still tracking on the low side a long straddle or strangle could be an interesting trade.