$SPY - In some of my prior PAT Updates, I highlighted the breakdown below the high-timeframe support range marked in red, which had acted as a strong bounce zone since November of last year.

Because of this, I believe that breakdown has opened the door for a deeper short-term pullback toward the high-timeframe support range marked in green, sitting at $607, a level that previously acted as resistance and marked the top back in December 2024, leading to the early-2025 correction.
From here, I believe the downside risk is becoming more limited relative to the upside potential. I also think this area is where a macro bottom is likely to form before a more durable reversal to the upside.
That’s why, as I’ve highlighted, I’m gradually starting to position for a reversal.