Some bears were also screaming for another downleg when we were approaching this trendline (which coincided with the 200 SMA) back in mid august when SPY was approaching 430. We were right.

This bear market rally has lasted for about 1.5 months. The last one lasted about 2 months (before we dove off the cliff and made a new low of 350). Bear markets are all about lower highs and lower lows.

Entering longs at the cusp of this bear market rally is just as dumb as opening shorts after making a new low and several consecutive red weeks.