$SPX / $SPY at 200-DMA Resistance, Next Leg Down Approaching
$S&P 500(.SPX)$ bearish 5-down, 3-up — into the 200-DMA + Daily FVG resistance.
Textbook corrective rally.
Today's peak likely terminated the B-Wave bounce — or is about to.
Daily close below 6512 = first confirmation the next higher-degree wave down has begun.
CPI Friday pre-market — price may set up into the print before the real move accelerates.
This rally gets SOLD.
The current $SPDR S&P 500 ETF Trust(SPY)$ bounce is the largest % rally since the 696 peak.
That means price is correcting at a higher degree, which means the next wave down will also be higher degree.
Whether this labels as a 2 or B wave, what follows is a 3rd or C — neither is friendly.
The bigger the bounce, the BIGGER the drop.
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