SPY scenarios: No one knows what the future is, spy could be like past Sept / Nov (the left box), and up to new highs (a fundamental guy that I follows say there is no sign of a bear market, at this time), or bounces up then down to new low (middle box), or go sideways and then down (the right box). I heard a lot of funds unwind their positions causing this weak sold off that is fast. Some say the sold off is done, many stocks are 50%-80% declined, so market should rally now, some say the internals are so weak that it is the beginning of a bear market which is what I think as well. Most good news are ignored and stocks were sold last week. This is a typical bear market reaction. Appl and V are very strong today and both are a major holding of SPY. The 3rd chart shows more new lows, and single digit new highs. % of upward momentum is only 9%.

Possible bear flag for the current sideways action.

Bottom indicator is new high new low.