As of now SPY is still considered bullish. There are two distinct paths from here on through the holidays. If the stock doesn't break the ATH before December 27th, it is highly likely to go sub 300. Breaking the ATH in said timeframe could send the stock flying to 325-340. If the stock closes below the first guide-line, it is likely to cross the second guide-line as well (to touch down on 'b').
– two gaps still to be filled sooner or later (pan down for 2nd gap)
– the higher low isn't distinctive enough and is therefor rated 'neutral'
– current ADXDI shows assets leaving the stock and sell-volume picking up substantially, keep observing for changes
– RSI is neutral to bearish
– MACD returning to bearish to neutral
– stock is likely to reverse for a second leg before attempting another run-up (see RSI)
– PSAR series on the 4H has a bearish trajectory
Current indications point to a clear direction to be chosen soon. The weekly and monthly chart show a possible melt-down of the markets in spring 2020 (20-40% drop). This is echoed through the likes of Wilshire 4500 (market value) and the Dow Jones (industrial).
I'll be revisiting this post once every 1-2 weeks for updates.
(lines and connections have been averaged on step-line over log for higher precision)
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