Significant Bottom

This chart shows the baseline of the Ichimoku Cloud for the monthly candle of the S&P 500 (SPY) ETF. We've finally reached a level that virtually always supports the S&P 500 outside of recessions. It is likely that prices will find a significant bottom here. However, if inflation continues to spiral and prices drop significantly below this level, then it is quite likely that the economy will enter a recession (if one hasn't already begun).