The market has been on a tear recently, so a pullback or a small correction is expected. Combining the Fitch downgrade with the Apple earnings not blowing people away, there's a sense of panic in the market now. The truth is that earnings (for the most part) have been better than expected, and the probability of a soft landing is increasing with each passing day.
SPY could continue to correct to $440-$435, but this is far from bearish.
SPY could continue to correct to $440-$435, but this is far from bearish.