It appears $SPY might form a reverse-head-and-shoulders pattern by dropping down to resistance at 208.40, to which it bounces back up and breaks upwards resistance at about 211. The contrarian idea is that almost one year ago we saw a reverse-head-and-shoulders pattern that didn't break resistance and shortly collapsed. I'm leaning LONG because it appears that...
It looks like around mid-March was when $SPY broke through its upward trend in a bearish way, but has since reestablished a new consolidation pattern with a slight upward resistance. I think bad things will happen if it breaks down below 204 for more than 1 day. The "all clear" will probably be if it can break above 208.25 and stay there.
Looking at the Bollinger Bands you notice that the most recent candlestick bottoms are widening their gap between the bottom BB line. WPZ also just broke through resistance at 30 and also crossed the 200SMA and is in a repeated upward trend. Might see some consolidation at 40 and hopefully another breakaway.