The initial rising wedge broke down and ended at a bullish harami. At that point we had a a few days in a trading range and finally today another breakdown. The MACD has a bearish divergence and the 11 and 26 day EMAs have crossed over. After filling todays gap and approaching the EMA zones, I expect the SPY to test the 264 area (shown by the purple circle) and breakdown towards the 252 area to test the support at the initial drop.