$SPY : Absence of FED bazooka

SPY support is at 280 and resistance at 293.

SPY is struggling to get past 61.8% level of the sell-off but has not yet triggered a sell signal. Talk of progress in treatment or vaccine for Covid or a supportive tweet can jolt the market from is current lower drift.

SPY needs a bazooka from the FED to keep moving higher. But absent that stimulus #SPY is adrift.

If that was not enough US is threatening further tariffs on China.

All this contributes to a sour mood at the open in about 45 mins. ES futures are down about 2.1% as of this writing.