SPY second leg down incoming (towards 400)

3 בפבר׳ 2022

Looks like the recent bounce off of 420 has ran its course, bears are now gaining back control. To think that this rebound didn't even touch the 50 day MA (at about 460 now), I have to draw a conclusion that the market is still weak on the long side.

Next we are likely heading towards 400.