SPY 209.31: Neutral – Forms a 5-month trading range

SPY rebounded off the 204.11 five-month low (July 7, 2015, near the 200 day moving average) above the 207.98 range high (July 10, 2015) to form a swing low at the former and offer scope for further strength towards 211.25 near the 76.4% retracement of the 213.34/204.11 fall. Above there would open the key 213.34/213.78 resistance zone (as shown on the weekly chart). However, back below 207.98 would prolong the consolidation towards 204.11.
Outlook:
Short term: neutral
Long term: bullish