On the daily chart (1D), SPY remains in a strong long-term uptrend, with price still well above the 120-day moving average around 643. However, the short-term picture has turned corrective. Price has slipped below the 20-day MA near 677 and is now battling the 60-day MA around 665, moving inside a descending channel of lower highs and lower lows. The recent swing high near 690 is the key resistance that capped the last bullish leg and started this pullback.
The immediate battleground sits in the 650–655 zone. A daily close below 655 would confirm a breakdown from the channel and open room toward 645 and the 120-day MA, where dip buyers may look for a stronger reaction. As long as SPY holds above the 120-day MA and especially 642, the broader bullish structure remains intact. On the flip side, a daily close back above 677 would signal that buyers have reclaimed the short-term trend, putting 690 and then 701 back on the map as upside reference points. A deeper dip toward the 643–650 zone followed by a daily close back above 650 would frame a classic “buy-the-dip” scenario in a primary uptrend.
Thought of the Day 💡: The most powerful setups come from knowing exactly where your idea is wrong, not from predicting where price “must” go.
This is a study, not financial advice. Manage risk and invalidations.
----------------------
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If you found this idea helpful or learned something new, drop a like 👍 and leave a comment, I’d love to hear your thoughts!
The immediate battleground sits in the 650–655 zone. A daily close below 655 would confirm a breakdown from the channel and open room toward 645 and the 120-day MA, where dip buyers may look for a stronger reaction. As long as SPY holds above the 120-day MA and especially 642, the broader bullish structure remains intact. On the flip side, a daily close back above 677 would signal that buyers have reclaimed the short-term trend, putting 690 and then 701 back on the map as upside reference points. A deeper dip toward the 643–650 zone followed by a daily close back above 650 would frame a classic “buy-the-dip” scenario in a primary uptrend.
Thought of the Day 💡: The most powerful setups come from knowing exactly where your idea is wrong, not from predicting where price “must” go.
This is a study, not financial advice. Manage risk and invalidations.
----------------------
Thanks for your support!
If you found this idea helpful or learned something new, drop a like 👍 and leave a comment, I’d love to hear your thoughts!
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Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.