$SPYBear claim
Steve MillerANALYSTJun 29, 2026The claim
“SPY is likely to peak in July/August and then correct 10-20% into September, driven by rising VIX, converging cycles, and momentum turning over.”
Why he says it — point by point
FAVORABLE & AGAINST · BOTH KEPTOn record
I think a peak is coming, and we're going to have a significant correction into September.
Why
Now we're in this rising phase. Now what does that mean? That's a period in here that's positive for implied volatilities, and that is normally a negative period for stocks.
When they both are in a period where investors are liquidating and intermediate people are liquidating and the shorter term traders are liquidating, that's when you get big sell-offs.
The momentum in here has turned over. This is our reversal scout.
The structured call
Direction
Bearish
Catalyst
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Target
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The receipt
Publish-day price $$741.00 · the claim is anchored to the moment it was said.