SPY is still in a very solid uptrend which started after 2008 meltdown. This chart shows the trendlines from 2011 onwards. Recent bad news around Greece, Commodities meltdown, China, etc. have not really made a dent in the trendline. A sideways movement since start of the year may be a good way of consolidating before continuing in the channel.
Another option is to create a lesser slope channel (The uptrend from 2009 to 2011 was a slower climb). It would be healthy and more sustainable over longer term. The key to figure out change of slope is to continue monitoring higher lows. Any sign of sustained lower lows combined with break in this channel is dangerous.
Another option is to create a lesser slope channel (The uptrend from 2009 to 2011 was a slower climb). It would be healthy and more sustainable over longer term. The key to figure out change of slope is to continue monitoring higher lows. Any sign of sustained lower lows combined with break in this channel is dangerous.