No orderflow charts tonight. Due to futures rollover; I´ll be waiting for things to settle until writing further some of my views.
Today just trendlines and few observations.
Note that the move stopped right into the 1261 level. The SPY has not yet managed to brake above the trendline.
1240 is support, followed by the 3 gaps below, which are too strong to ignore and think that they would not revisited.
Longer term, the S&P500 is above the 20EMA (monthly), however we can draw some clues from previous changes in the trend (white circles). If you look at those levels, that the chop lasted between 3 and 10 months, so we are just a tad below the average, and the 1200 levelis too close.