SPY 425.86 / 428.72 have been pivot levels. We've lightly bounced here today, but we need to clear these levels, break that down trend as Blazin pointed out, but then you run into the 20D (433.76), a big level of 441.24 and then the 200D at 445.58.
Until the macro environment changes, this is a lot of overhead resistance to clear. I can't see just ripping back up without some kind of de-escallation in Ukraine or mega dovish Fed moves. We are going to be pretty range bound and subject to extreme volatility, depending on the headlines that come through moment by moment.
Personally, I am buying the big downdrafts and selling into those above resistance levels until we get a real change in the markets.
(Scaling positions in and out for cash flow and maintaining core positions)