It seems obvious now but SPY will be headed into this target area and possibly lower to find a bottom around $290. The monthly 50 EMA has proven to be consistent support but I believe we're on pace to break below it again for the first time since 2008-2010. After this summer's bullish correction, the market will be ready to make the real move into bear and recession territory. I expect the move into this zone to take place by early Oct or sooner. But as always Only Time Will Tell
Comment:
Watch the bullish run from here up to $389 before we fall down to $260 by March of 2023
Comment:
SPY is fighting the good fight to stay above the target area, but buyers have been very weak and SPY is just waiting on the feather to break the camel's back...