Over the years spy has traded between two trend lines that have formed a rising wedge. There's a possibility in the coming months to years we break the bottom support line and fall significantly. However, this is an observation from the 2 week time frame of the Spy chart. I'm currently short on spy until the bottom trend line near $295 to $300 is reached. We can possibly bounce there or break down and head lower. This is a 6-12 month play for swinging options puts.
Note
Spy has much more downside on the 2 week time frame with a target of $310-$320 which is shown by our lower trend line of the rising wedge spy has formed 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.