A look at the weekly SPY             chart.
What made you choose these horizontal levels?
SMP99 IvanLabrie
They are levels that have previously had significance to SPY. I use multiple timeframes and/or chart types to find levels that have had significance.
I see.
I find it really hard for price to move back above 1970.
SMP99 IvanLabrie
That may be quite likely. I don't mean to imply that i think 204 is likely, only that if it is reach the risk/reward to the short side will be extremely compelling. If SPY stalls at 197-199, i think this too could represent a good short opportunity for a quick revisit to the lows of last week or even below.
My chart:

SMP99 IvanLabrie
long term i tend to agree. short term i'm watching this.
Yes, I've had more than one person show me that apparent triangle. I don't think that's a triangle though. Just misleading intraday data.
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