SPY down another 1.5%—but are we actually bearish?
$SPDR S&P 500 ETF Trust(SPY)$ down another 1.5%—but are we actually bearish?
While everyone is panicking, bullish structure is still intact… for now. But there’s one key level that needs to hold: $570. If we lose that, things could get ugly fast.
🔥 Market Structure 101:
✅ Bullish: Higher highs, higher lows → Uptrend
❌ Bearish: Lower highs, lower lows → Downtrend
Right now, SPY is still making higher lows, but today’s BX closed with lower lows, which is NOT a good sign. If we don’t see a higher low soon, we could see a drop to $570—and if that level breaks, we could be looking at a full-on trend reversal.
⚠️ Worst-case scenario?
A head and shoulders pattern forming—leading to a bear market breakdown like 2022.
🚨 This next bounce (or breakdown) is everything.
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