SPY Is not bullish
The S&P 500 just did something it hasn’t done in 2 years… $SPDR S&P 500 ETF Trust(SPY)$
And it’s not bullish. 🔴
We just closed a monthly candle red for the first time since 2022.
I’m not looking to short yet.
But I do think we could slowly bleed down to $510–$490 over the next 3–6 months.
That would be a ~10% drawdown.
This isn’t a black swan.
It looks more like 2022 — slow, controlled downside until we meet the monthly bias.
If we see a relief rally back to $580, I might open a short.
If not, I’ll sit on my hands and wait for price to come to us.
Patience wins.
Discipline > prediction.
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