SPY rejected perfectly off the descending trend-line on the daily chart as many anticipated. The market soon started to price-in a dovish Jerome Powell for Friday’s Jackson Hole speech, but this time the tone was clearly hawkish. Friday’s sell-off was strong into close resulting in a -3% move. With such a bearish daily candle and no positive short-term outlook to our economy, we can see further sell off into Monday. 400 is a moderate bounce area but $392-$395 is a stronger area in which I plan to take profit and look for a rejection to renter. We are clearly in a bearish trend until otherwise, don’t fight the trend. Bounces can be powerful as many will Try to time the “bottom”, but until we see confirmation I will be shorting every pump. With the knowledge I have today, $370 is my target. Would love to hear your perspective.