SPY AVWAP level on weekly chart

We just barely closed below the weekly AVWAP level going back to May 2020. We are also at a gap up level from early April 2021. This level has seen successful bullish bounces on three prior occasions (June 2020, September 2020, October 2020). This level may hold again as we still have four trading days left this week & it just feels like a bullish bounce needs to take place to remove some of the downside pressure experienced in the market over the last 5+ weeks.

Even if this bullish bounce happens, I will anticipate further downside unless the market really proves it is bullish again. Until then, short-term bullish trades until the market sets up for another leg lower where I will target the March 2020 low AVWAP level down around $384.