SPY is topped. Near term downtrend is upon us.State Street SPDR S&P 500 ETFAMEX:SPYTheUltimator5Since 20 April 2026, the net buy volume for SPY started decreasing, while the price remained in an uptrend. Net buying tends to reverse before the price does. On top of net buying going negative on the daily, the intraday and overnight price action have both remained bullish since the sharp price reversal weeks ago and have both reached local highs. Sustained bullishness on both intraday and overnight price action for the SPY is extremely rare since options flow tends to determine intraday moves, which flips periodically. Overnight price is, in my opinion, more ore less determined through swaps and flow external to the US markets. Since we have sustained bullishness on intraday and overnight price action up to the local highs for both, a reversal in net buying, and the FOMC meeting tomorrow (29 April 2026), now is the perfect time for the price to start the next trend… which is in the downwards direction. Flow has been pointing that way for the past week anyways.