I agree that maybe SPY has been showing good signs for the bull case, but it needs a 20-30 dollars reload before going any higher than 173...alot of divergence and bearish signs on higher time frames, careful you must be. 173 can even occur after 167, but this eventually goes down before can get any higher
yes, you are absolutely right, it's not the time to go long without hesitation, espacially today we saw a gap up and another retreat from 171, seems the bulls get cautious. A drop to 160 wouldn't surprise me, till the beginning of November. Wouldn't be so bad for the bulls on the mid term. So I don't like to fight the trend and trade what I see only. If we drop below 168 I'd think about some more bearish trades.