SPY closed at $234.03 today and that is below the 50-day moving average. Yes, the 50-day is still rising. The last close under the 50-day was back in September leading up to the election, culminating in a 2 month horizontal price period ending on election night. Is it panic time? Nope. However, the lines of support I pointed out in late March are one-by-one getting taken out. We’ve made lower highs and lower lows. The top two channel lines have been breached and closed under. Now the 50-day has been closed under. The next level of support I have is the prior low from March at 231.61, then 227 but falling, then a rising 200 day moving average around 222.50, and finally the lower rising channel line around 220. There is now a lot of weight on $231.61! Be careful out there.