SPY Rally Likely to End Soon

SPY is looking to tag the top trend line of a long-term megaphone pattern that has been developing since January of 2018. It almost coincides with the 78.6% fib retracement from the February highs to the March lows. Despite the constant push up in the markets, I do still believe that we are in a bear market, and that the gains made in the market since the March lows are nothing more than a bear market rally.

I do expect the market to capitulate again, revisiting and then eventually falling much lower than, the March lows.