$SPY Inverse “U-Turns” Continue, and Target $654
$SPDR S&P 500 ETF Trust(SPY)$
Another Inverse "U-Turn": This has been the price action mood for over a month.
Looks like a seventh week of "fake bounces," is coming adding another arch to the structure. $654 is the the primary downside destination for the week.
On Saturday, I posted the following outlook: $S&P 500(.SPX)$ is bearish below $6,700.4. I also included specific volatility levels and additional technical indicators to monitor.
This morning, I shared a chart via chat and email suggesting a bearish reversal. This outlook is based on yesterday’s vanishing rally and current bearish conditions, with both the SPY and $Invesco QQQ(QQQ)$ trading below their daily levels. Furthermore, the $SPDR Dow Jones Industrial Average ETF Trust(DIA)$ had already broken below its central weekly level.
As noted last Saturday, this is a peculiar market that exhausts both bulls and bears with its rapid spikes and sharp selloffs. Given that the SPX and $NASDAQ 100(NDX)$ both touched critical levels today, and a visit to their 200DMA looks imminent, we must assess the potential implications by comparing this price action to previous bear markets.
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