After a huge downtrend and a small pull back from $380 levels to $420 ,SPY was in the distribution area and tried to go higher and break the major resistance (50ma) ,after some rejection of the $417 to $420 level (resistance)it finally broke down the distribution area and continued to bearish trend with the bearish MACD on daily time frame. What I think is Spy is going down to retest the $380 support and if it won’t be able to hold next support will be $370.
