Their is a lot of room and support and resistance areas in this area. Before moving towards any other direction, spy will test retest these areas. I usually call such movement as "build up of momentum for next big move.
Its no wonder traders dont like to trade when a stock is moving sideways. But if you actually are a chart reader, you would love that. It gives a clear picture of what is coming ahead. Like in this case Spy has been in accumulation phase.
And with three black crows in place on daily, it is appearant that it is about to fly tomorrow.
First Spy will drop to 267ish level and then will begin a new upward trend.
The drop to 267ish level is the restest of last trend. In other words it is also known as retracement.
As the retracement has been more than 50 percent of last leg/trend downwards, it means all the low activity is just retest.