The analysis focuses on SPY, identifying key levels and trends using a 4-hour timeframe. A significant drop is noted after Moody's downgraded the US credit rating, closing below 590. Key support levels are identified at 582, and then 575-576. A rising wedge pattern is observed with multiple rejections at the top, finalized by a bearish engulfing candle. The historical context shows similar downgrades led to market downturns in August 2011 and August 2023. Since April, the analyst has expected a market rug pull in May, with potential recovery during the summer. The lowest potential target during this period could be 566. A recovery towards all-time highs is anticipated after this pullback, though this pattern is based on past historical trends so it's less valid. The analysis suggests caution for bullish positions, highlighting potential downside risk.