With an all technical perspective, the spy has formed three tops within the last 6 months with less bullish sentiment. On a weekly chart we can see spectacular RSI Divergence and a Doji Star. I think this is a very good risk/reward scenario for considering a short position in spy. The Entry Could be around the close of the doji and a stoploss if it breaks above the doji. If you want to be more patient, then wait for the weekly confirmation of an Evening Doji star pattern.
Potenital target around the monthly pivot point of 260.