SPY is reaching a technical level where it is starting to form a positive momentum divergence.
Let's remember the relief rally which took the price back to the support levels under the Moving Averages, this is usually known as a "back to normal" on an ongoing Bear Market. I don't expect this to actually go to the reach the previous high levels, I expect more of another relief rally that can take the prices to test the resistance, and once the divergence is fully formed it can go back up to the Moving Average levels.
Let's remember the relief rally which took the price back to the support levels under the Moving Averages, this is usually known as a "back to normal" on an ongoing Bear Market. I don't expect this to actually go to the reach the previous high levels, I expect more of another relief rally that can take the prices to test the resistance, and once the divergence is fully formed it can go back up to the Moving Average levels.