$SPDR S&P 500 ETF Trust(SPY)$SPY Daily chart [$393.10], ETF could drop to $355

1. main downtrend constructed based on three peaks as shown (red arrows)

2. parallel projected lower channel drawn, connecting 2 troughs (black arrows)

3. a similar move spotted back in Apr where share price rebounded to briefly touch 20 SMA (Simple Moving Average) and hammered much lower

4. at the momemt, share price rebounded and touches 20 SMA, and gap down yesterday on similar heavy volume (123 million vs 132 million on previous occasion)

Increased in selling volume, together with a near full sell-down bar, and a hugh -4.35% drop which have not seen throughout the past one year (visually check) , more downside is likely to be expected.

Resist - $400 ~ $410

Support - $355 (projected towards lower channel line)

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