SPY remains stuck in the 6-month range between 204.11 (July 7, 2015 low) and 213.78 (May 21, 2015 YTD high). The recent weakness off last Friday’s 211.45 high (July 31, 2015 high) below 209.31 (July 29, 2015 low) suggests there is scope for a deeper setback towards the 200 day moving average currently at 207.06 ahead of the 204.11 6-month range support area. However, back above 211.45 would resume strength towards the 213.78 range ceiling for a retest. Outlook: Short term: neutral Long term: bullish