The technical definition of a recession is when we report two consecutive, negative GDP reports. If a recession is announced and selling pressure continues we could see the price come down to below the 20 Moving Average on the 3 month chart. this means in the short term we could see prices come below 3500. It looks as if this run up could be a massive bull trap....
SPY is at the bottom of the descending channel that's been ongoing for the past two months since the start of April. We could see lots of movement up to the top of the channel in the next couple days : )