SPY - Bearish Downtrend, Correction Long overdue.
SPY has been in need of a serious 10% correction for a very long time. Going through charts the past couple of weeks almost all stocks have wiped their 2021 gains, but indexes like SPY have yet to break the Jan low during hedge fund liquidity crises from GME and AMC. Target for this correction is 360-355, indicated by the smiley face! Green trend line is from the bottom of dot com bubble crash, blue line is from bottom of 08 crash. Ideally, in order to keep market equilibrium we should have been trading between or below these lines due to current world economic conditions. Trading above is a sign of market euphoria, aka BUBBLE.
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