Complete breakdown of SPY/SPX

1 May 2022

SPYSPX

whats up guys? hope everyone had a good weekend.

jumping right back into the SPY here.
that 415 level i talked about previously was broken with ease

zooming out we see on the weekly as well as the monthly that we still have plenty more room to run to the downside

i expect selling pressure to continue and any "relief rallies" we do see will not amount to much.

if you saw my previous breakdowns of the SPY you would see that I've had a $400 price target for quite sometime

there is a gap fill coming and at the levels we are at now it would seem more likely than not that we see this gap fill come to fruition

the largest red bodied candle ever painted for this asset on the monthly time scale also happened to be a bearish engulfing candle soooo not very bullish

let me know what you guys think of the week ahead. anyone still bullish ? or are you like me and see more downside incoming?

happy trading