I believe things have not improved significantly enough to see a sustained bounce. I see this rejection of the low 260's to be very bearish, especially because the step downtrend has held. The stimulus bill will not make up for what is happening in our economy in the short term. We traded at this level in late 2017, early 2018 and again late 2018. The earnings and unemployment outlooks were all much better at those times. I am a long term buyer of SPY at 200 and below as I am bullish humanity.