Symmetrical triangle on the SPY

The SPY is squeezing inside of symmetrical triangle on the weekly chart which portends to a decent sized move one way or the other once price action breaks outside the triangle.

Last week we outlined 2 possible scenarios which are still in effect:

• There's a higher probability that we break to the upside to hit all time highs.
  
• Or we break to the downside and with 201.92 being the first downside target.
  

For those interested in options - with volatility still tracking on the low side a long straddle or strangle could be an interesting trade.