Since the beginning of 2022, all counter trend rallies in the S&P 500 index ($SPY) have been short-lived and have fizzled away at the 200-day moving average. This has been due to the strong selling pressure from investors and traders who are reluctant to jump into the market due to the high volatility and uncertainty caused by the pandemic and the US election. As a result, the 200-day moving average has served as a strong resistance level, preventing any significant upside movement.