The last move on SPY was really out of the blue though at the same time not completely unexpected (gann 1/1 cross). I know that's a contradiction but when looking at the fIb levels SPY actually reached the level of a second wave completion which would make sense if this is the ending of the B wave of a correction. However, the strength of the last move has made me consider the fact that we might still be in an impulse wave that has not reached the 5 wave completion. It is entirely possible but highly unlikely considering that the completion of the fourth wave may have broken down beyond the end of the first wave. At this point though either I'm not excluding the possibility that my wave count might be totally wrong.
Also this move is very reminiscent of the one that happened in February leading into March where it was a sharp rally before a powerful sell-off into the start of the new month (highlighted on the chart). Cautiously bearish here. Monday will likely bring clarity in the form of either a gap up or down. Either way, it is impressive (and frustrating) how long SPY has managed to range in this level
Also this move is very reminiscent of the one that happened in February leading into March where it was a sharp rally before a powerful sell-off into the start of the new month (highlighted on the chart). Cautiously bearish here. Monday will likely bring clarity in the form of either a gap up or down. Either way, it is impressive (and frustrating) how long SPY has managed to range in this level