I think the market had it's A and B legs of the correction and now it's on the C leg. SPY failed it's attempt to break out of the channel again. Will it break out of the channel again or drift back down to the bottom? Opinions?
If you use a different top for the trend line, you get something like this. Looks like it is bouncing off support.
Technical analysis just isn't moving the market now IMO. Now its mainly based on exogenous factors (Chinese stocks, yen, recession fears, etc.) Will take a bit for the market to stabilize so that charts become useful again.