$SPY - We've gone from a trending/bullish market to a ranging market. This is why there's reason to be a little more cautious and be concerned because if this turns into a distribution channel we could see it lead to a bear market. If we consolidate in this channel and do push up higher it would just another accumulation (less likely but very possible for the rest of the year). A ranging market is much tougher to trade where calls and puts can get chopped up and news is most likely to pump it to the top of the channel or bring it to the bottom of the channel.
