SPY Arrived In "Trouble Territory"
After the sharp sell-off in Q4 of last year, the market (SPY) started to recover from its lows near 235. And IMHO it is still a "recovery" before turning down again as opposed to a "turnaround" back up.
This weekly chart above clearly shows that the rhythm of lower highs followed by lower lows is still in play and for a turnaround to become a possibility we need, at the minimum a first higher low, i.e., above 235 or a new high, i.e., above 280, to be put into place.
Either possibility will take both time and strength.
For the time being SPY has just entered "Trouble Territory"