$SPY The end of the longest bull run in history confirmed?

SPY has broken out of the ascending trendline that has held it for the past 2 years.

We saw a bounce on the nearest support level of $424, but it doesn't look good for bulls. Without much strength and with the Fed meeting out of the way, there doesn't seem to be much catalysts to drive the price back to bull market levels.

While RSI is at oversold levels, it does not like we're going to break the support turned resistance trendline anytime soon. Definitely short biased at this point in time, and conservative traders can look to enter when price comes close to resistance ($455-$460 levels). Otherwise, it can be a good idea to start scaling in now for shorts as we're currently at retracement levels.