A weekly GoNoGo Chart of $SPY shows that after facing continued downward selling pressure price is breaking lower this week.
GoNoGo Oscillator failed to find support at the zero line back in January of this year. Since them, as GoNoGo Trend struggled to maintain "Go" bars, GoNoGo Oscillator was rejected by the zero line as the market showed there was little appetite for rallies. Now, with GoNoGo Trend consistently painting "NoGo" bars for several months, GoNoGo Oscillator has once again been turned away from close to the zero level. On the shorter time frames, we would be looking for set ups to participate in the larger "NoGo". The weight of the evidence has been a "NoGo" on the weekly and daily for some time now.