SPY -Looking For The New Bottom
Mar. 09, 2020 S&P 500 Trust ETF
The SPY is smart about the novel coronavirus, COVID-19.
However, its first attempt at discounting the economic impact just failed.
When the news becomes worse than expected, the SPY drops to a lower bottom.
Sunday, overnight futures dropped to 2,818 and the SPY is looking for a new bottom below $286.
The next support level is at $277 and near the 50% retracement of the last move up to the last high. However, there are no supports in a falling market until price stops falling