SPY is currently trending downward and broke a major support levels at 444 and 445 leading the way down to 430 if the levels at 430 breaks down than expect a decline to 426 and 417 if the markets start to enter a bearish phase. What I expect to see from SPY this week is one of three things, the first one being that price starts to move upward and we hit the 50 or 61.8 percent retracement at 446 or the 61.8 percent retracement at 449. On the flip side of the coin if price does move up to 446 and 449, I would expect to see a rejection there and look for a lower low to come along with it the week after this current one. Last but not least if this is a dead cat bounce. In this case what you would most likely see is an open on Monday of about 433.34 to 435 before getting a move down the rest of the week to 426 and 417. In my personal opinion I do not think this is a dead cat bounce rather a possible counterattack move. The volume before Thursday and Friday’s candle would support this idea. I Plan on positioning myself for some short-term upside to 446 and 449 before getting a further decline to the downside. Keep in mind there is no major news this week. The only two things to keep an eye on is PMI on Wednesday and Powells Speech at 10:05 on Friday.