The quoted trader says the trade has played out, is mostly in cash, and may look for longs to trade a bounce; they see a return to ATHs as unlikely for now and compare the outlook to a compressed version of ’22 amid tightening conditions. The chart shows SPDR S&P 500 ETF Trust (SPY) at $733.00, down 4.41% on the day, with a projected dip followed by a recovery.