SPY has broken down from the ascending channel defining the rally from 3/23/2020 to 6/8/2020. It's possible we retest the bottom of the channel as resistance, however, with the large amount of bearish momentum we may just continue straight down to 293. By the end of the month we should be able to tell if this is the end of the bear market rally or if it is a correction leg down before a push up to test the all time high. I am holding $300 puts in the near term, if we retest the bottom of the channel I will be loading up on $295 puts. Puts puts puts (PPP) XD