I was asked to analyze the SPY. The ETF made a new low today and it won't be the last one, that's for sure. You really have to look at 5 and 10-year charts to see where the SPY really is and how much further down the ETF possibly has to go. The SPY has some support at this current 110 level, but I doubt it will hold for long. Especially looking at a 10-day, my choice to be bearish on the SPY comes as obvious. I highly DO NOT recommend any long positions in the SPY.
SPY Year-to-date chart
SPY 5-year chart
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