SPY will not close above $785 on August 24 and will leave the ETF trading near its August 20 level of about $766 and its August 21 close of $765.72. The S&P 500 Index will remain at roughly 7,674.37, still 1.6% below the August 13 record of 7,798.99. The failure to break $785 will cement the 1.44%…