SPY had completed a 1-2-3 pattern and is consolidating its price pattern, this is very good technical news as price returned to standard behavior after moving wildly and unpredictably.
The current trade range is 245-265 in the short term, any move above the 265(which our model begins to increase the probability for!) will provide a short term indication,
moving below the 240-245 will provide the trigger that the market is headed to re-test the 220 lows.
We are currently short term on SPY with PUT options hedging our position, crossing the 265-270 resistance will provide a major trigger to go long equities.