SPY along with the Dow Jones are in a very similar broadening trading wedge. They both have also recently broken out of a bull flag, also they have both entered above the 20 level in Stochastic RSI, (the Dow first). The Dow Jones also printed a bullish engulfing monthly candle back in Oct of last year just before breaking out of it's respective bull flag.
History shows us that the monthly Stochastics are very powerful when entering this level and is usually followed by price action for months to come or the next few years.
The broadening wedge indicates the moves up are getting more powerful and the pull backs more harsh. This will continue on until the trend breaks. But, when will it break??? I'm not sure of the timeframe, but I might have a clue. Let me explain...
AS we can see, we have two breaks in the trend, highlighted by the two circles. The first one was at the very begging of the trend and the second could be at the middle (we don't know and it doesn't" matter) what is important are the breaks of the trend and the quick reversal back into it. As we can see on both occasions a breakdown happened but within 2 to 3 candles the price recovered. The theory is that this trends blow off top could puncture the top of the broadening trend line and then quickly break back down into it, which could then break the trend completely. So, just like the bottom breaks recovering quickly the upper break could lead to the complete breakdown fairly quickly. This also applies for the Dow Jones.
The bull flag points to 720 pips for the SPY when measured from the pole. So, could this be the top in the Feb to March time of 2025? Only time will tell.
Remember, non of this Financial or trading advice, please do your own diligence.