I been charting SPY every different angle and time frame possible. Its next to impossible. lol but I did find this, which would make a case for a temporary bounce. I have 4 confluences. 1. SPY rally off the 200 sma on the 3day time frame. 2. Fibonacci extension from this wave down is a perfect 2.618 which lines up perfectly with 0.382 fib retracement from the previous low on march 23, 2020. 4. SPY is throwing a bullish hammer on the 1 day, 2 day, 3 day. If it does play out and rallies to the fib retracement line 0.236, that would make a total 10% gain, and 6% from where it is currently at 3966.
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TA and news always coincide. Target was nearly met, and when it was at that target, that was the cpi 8.6 news release. June 15 at 1400hrs Fed interest rate announce.
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Since the chart is following the prediction, lets find some supports. SPX supports. Scale back in the market between 3116 and 3390
-29% to -35%
-29% to -35%