SPY ES1! More Downside Still Likely

One thing to note is that the market might be trying to fake a move similar to March. So far, on the surface it looks like the week-long pullback in March, which led to more rally.

Today, price action looks similar but the whole set-up is different


1. Below the 50-day MA

2. MACD in negative territory and resolving a long negative divergence

3. DMI more entrenched negative.


With this downtrend still only 4 days old, I'll ignore the fakeouts and stay short unless proven otherwise.