$SPX Time Bottom Near, $SPY Tests $654 Support
$S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$
A bottom is near in terms of Time, not necessarily in terms of Price.
Money Flow is nearing the 2018, 2022, and 2025 lows and has already dropped below the 2020 levels.
While the %B is also oversold. After four red weeks, a flush could accelerate the case for a reversal.
$SPY $654 was the "must-visit" price I shared on Saturday with subscribers, even with Monday's spike.
Today’s low hit $655🎯. Given the support zone (200DMA + Shelf), $659 must hold tomorrow for a minimum recovery to $663; otherwise, today was a gap fill and the decline resumes.
SPY Another Inverse "U-Turn": This has been the price action mood for over a month.
Looks like a seventh week of "fake bounces," is coming adding another arch to the structure. $654 is the the primary downside destination for the week.
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