For the time being SPY is clearly . All you have to look for is a breakout above parabola 'X' and a 'weekly' candle close above that line. Once this is out of the way it is highly likely to reach for levels of 320-335 and a maximum technical possibility of 390 (extremely unlikely since the formation is busted).
Now, closing above parabola 'X' would mean that the broadening wedge has ended, any formation (maximum 6-8 months old) that is built above that line (or 'A' respectively), will ultimately decide the next "big move". This move, if downward, will have a loss-of-value potential of at least 18% (measured A to B), and 33% or more for a greater move (measured A to C). You should do your own study on how these formations usually reverse after a bust. Not the drawn-up charts, but the actual busted . I've experienced some of them busting all the way below the lower in one go, not kidding.
This chart is valid until mid next year, and when trading below 340. Remember, parabola 'Z' and below is your strong-sell signal. In a few weeks and a few more candles, we'll be able to look forward more precisely.
(Lines A and C are parabolas and not straight. The pink-dotted line is the 136MA (average of 20/50/200). Connections have been averaged on step-line over log for greater precision)