The SPY has entered a major resistance zone. The previous major move down from 281 down to 232 (17.5% drop) has retraced to a fib level of 0.786, to where we sit now at about 270.79 (orange fib scale on the right side). The pink arrows on the drawing show that this level has been a MAJOR support/ resistance zone. This also confluently coincides with the angled major support/ resistance lines shown. Also, if you take a fib extension using light blue triangles, we nailed a 1:1 fib extension. Also the RSI is bearishly diverging, as well as the histogram. Looks like a short to me, but ALWAYS wait for confirmation and manage risk.