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You might want to include a chart when asking about SPY (or anything), as few trade SPY around here.
I'm assuming it's a spider and doesn't trade during globex? If so, is the (before) gap June 28? If so, it was due to the late night (2:30am) Brussels news conference and announcements by Van Rompuy & Juncker on the latest fix/infusion for Europe - EURUSD moved from 1.242 to 1.268 by the time NY peaked it - the optimism on yet another 'euro fix' caused risk on for that time. After that, it went straight down. Compare the 2 charts on the same timeframe, and that will likely be it.
Not a real double top, but a significant high.
Connect the high of 2007 to the high of 2012 and you fall right on the high of today's action on the S&P500 index.
This is an important tag, and technically, we shall start an important down move now.
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