We are consolidating in a symmetrical triangle, meaning, we aren't going anywhere for a a few days. This pattern has a 50/50 chance of both breakout of breakdown which is the reason why I'm staying in cash at least for now. Today was interesting however. The materials/industrials sectors displayed strength and formed double bottoms, but hit major resistance at their prior short-term highs.

In this article I perform technical analysis of SPY. Moreover, I analyze an options strategy which will suit to the current situation.