So what happens next?
Well the market doesn't get Bullish again until next time it breaks above the 50 sma.
Before that it's only good for short term intraday bounce trades.
See if it holds the recent low this week?
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On SPY this is 385 so keep an eye on this level for potential double bottom
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Walmart and Targets earnings and margin misses are harbingers to come. If earnings on S&P500 contract to 200 instead of 230 and we overshoot to PE 14 then worst case 2800. Of course war in Ukraine ending,China Supply Problem ending and Fed pausing most likely. 3400 bottom.