Lower low is coming

The past week could have been the best time for a reversal. Unfortunately, SPY failed to quickly get away from 380 which suggests SPY hasn't found the real bottom. Even if we saw a strong bounce at 380.54 and possibly a few days bounce for next week, SPY will eventually go lower compared to today's low. Purple regions are the next levels to watch. When price hits that range, keep an eye on the strength of bounce. If it's strong and quickly jump outside of that range, then it's very likely that SPY has bottomed. If it's weak and stays around that level for more than 1 week, then SPY still has not bottomed and be prepared for new lower low.