Lots of people focus on the 10 day short term down channel with a bearish view. That's if you are doing day trade.
With Feb printing moeny, there is no way USD will be worth more than gold in the long run.
The V-shape recovery in 2019 reversed in early May with a 7.7% pullback. So I think that would be a minimal target.
A 7.7% pullback from the recent top is 2721. However that is only 30% down from the recent top.
At 38.2%, the target becomes 2666.
At 50% the target is 2573.
At 61.8%, the target is 2485.
I am no looking beyond 61.8% unless Fed is giving up.
SPY under lots of pressure from the down trend, as well as 200 DMA etc. However it did break above 50 DMA. RSI showing break out from the down trend. Best case would be sideways move for a few days/weeks before an up/down decision.