SPY might make a bounce to the upside considering the level it is right now, you can see in my chart how it made an inverse head and shoulder and break out up. Previous resistance might be a support right now.
Another thing to consider is, we are at the end of second quarter for the year.
NOTE: Overall picture is still towards the down side.
Chart PatternsTechnical IndicatorsSPDR S&P 500 ETF (SPY) spy500spylongspyshortTrend Analysis

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