As the charts show, $SPY is rejecting 55ema on 1D and 4h 200ema on 4h. In addition to this, a lot of macro catalysts and headwinds are at play here with a quantitative tightening cycle beginning, the war between Ukraine and Russia, Monkeypox, Gun Violence, very high inflation, and the recession flags popping up everywhere in auto sales data for example. R/R favors the bears at this moment but it's still highly recommended to utilize upside hedges regardless of conviction due to the volatile and shaky price action we have been witnessing over the past few trading sessions especially.