$SPY is sitting on a very important long-term trendline.

$SPY is sitting on a very important long-term trendline.  Given the macro environment (interest rates higher for longer, China slowdown, geopolitical concerns) this is a very important test.

A break of this line portends a test of $400 in the near-term.  With employment numbers at the end of this week, we will get a clearer picture of the effects of the Fed’s moves to date.”