Although this is a quick analysis, it is still an important one.
The SPY is approaching the 200 Weekly moving average. - In the past 10 years, each time that we have hit the 200 Weekly MA we have had a bounce, except for the "covid crash" when we temporarily dipped below. - When we factor in the fact that the DXY is overextended and will likely reverse soon at the same time that the SPY is about to hit the 200 MA, I think this is a strong signal that a bounce will occur.
2 Bullish Factors on the Weekly time frame... 1) 200 MA will act as support 2) Bullish divergence on the RSI
- In my opinion there is a high probability that we see a bounce in the broader market this week. - Many large players will be looking to buy at this level.