Here you can see transitions clearly

2012 before qe

2013 qe

2014 taper

2015 ecb qe before int rate rise

ALSO OIL down less than 1% for the week

So the current SPY issue is very minor..

SPY getting close to bear mode getting close to 200dma 1.2% away. The current slope of the 200dma is 2.154 points per month.

From today at 203.52, the 200dma will X 210 this September. At that point, the BEAR trap will begin until past the election.  See 2007-2010 below.

When it X the 200dma, as in 2007 bear begins!