Here is a look at the possible Inverted Head and Shoulder formation on SPY (1hr)
One thing to keep in mind, SPY is clearly in a downtrend, and there is no point in trying to time the bottom, the smartest thing to do is play what you see, take profits, reset and do it again.
On this 1 HR chart, there is a possible inverted H&S in the making.
Left shoulder being at 394.75 level (approximate) Head being the low at 385 and now SPY could attempt to put in the right should (394.75)
SPY has a very strong resistance at 404 / 406 level, which would be the neckline . Below that level, We are still in a bear trend. Above, we could have bottomed.
I want to see if we are going to pullback towards 394.75 to form the right shoulder and see where it goes from there.