A lot of the profits for Specter/FF5… comes from not losing as much in negative situations.
334.87 is the Lipstick Day low for SPY, where the bulls somehow managed to prevent the prior week’s candle from being engulfed (not that that means a whole lot either way). The futures did not hit that level overnight. The 13 week average at 324 is is a target. The 52 week moving average is at 305, that would be close to a 20% drop for SPY from the high.
That’s “Correction Territory” as the sages say, without telling anyone what it means of course.
But as Angel Eyes said in The Good, The Bad, and The Ugly: “A man with a rope around his neck doesn’t always hang.”