I went short SPY yesterday and am holding today. I am next expecting a big pullback as there is a good chance we see some consolidation range like last time and a bounce back up to 205ish in SPY if this pullback occurs. Such a consolidation range would frustrate both bulls and bears. After that, maybe the market corrects in May/ June but I wouldn't totally discount that ATH's happen.
For now, just playing only the short/ intermediate term future.
so far, SPY could just be consolidating like the other indexes so will be watching this closely. I would like a breach of lower trendline to feel more confident that uptrend is definitively weakening. In other words, bulls still in control and we could see another leg up.