What Has Been the SPY's Pattern During the Past 5 Years?
This chart shows the SPY's action since 1995.
What can be seen on this chart?
First, is that the SPY has made a higher/high.
Second, is that the current move since 2009 has been a "rising wedge pattern". Note what happens on a rising wedge pattern ... the resistance and support lines converge on each other while putting a squeeze on the underlying equity. The ticks have a smaller range of travel until the underlying equity has a break out which is typically to the downside, so be very careful.