SPY appears to be forming a nice bull flag. While it did appear there was a rising wedge forming (dotted white lines) this appears to be a non event as there was no impulsive breakdown with no increase in volume. This pull back has only re-traced 38.2% with the hourly RSI hitting the near the oversold level which produced a nice bounce. This could easily continue to consolidate for the rest of the month keeping the bullish look intact and trade a low as 271. If price maintains above 277-278 breakout should happen shortly. The target 300-303 has quite of bit of resistance including the 200dma, 100dma and 20wma with other moving average converging on various time frames around that price. The 300-303 target will be a nice short set up.