SPY failed to reclaim its declining trendline on the 15-minute chart and continued leaking lower into the close. Buyers attempted to stabilize near the $735 area during the afternoon session, but every rally was met with selling pressure and price finished near the lower end of the intraday range.
The overall structure remains bearish. Price remains below the HVL while the recovery from the midday low produced a lower high before sellers regained control. The late-session weakness suggests dealer positioning continues favoring downside pressure.
The chart currently favors caution until buyers can reclaim the major resistance cluster overhead.
Key Levels
Support
$730
$727.50
$725
$722.59
Resistance
$735
$741
Major Resistance
$744
$745
$748
$750
GEX Positioning
Major Call Resistance
$744
$745
$748
$750
HVL
$741
Major Put Support
$735
$730
$727.50
$725
$720
$719
The most important observation is that SPY closed well below the HVL at $741. Dealer positioning remains heavily bearish with call walls stacked above current price while put support levels continue to build underneath.
The $735 area becomes the first important battleground. A recovery above that level could create a short squeeze toward HVL, but failure to hold current levels keeps downside pressure active.
The strongest support cluster sits between $725 and $719. A breakdown below $725 could trigger accelerated dealer hedging and increase downside volatility.
Trade Considerations
The afternoon bounce failed to reclaim HVL and stalled directly beneath resistance before rolling over again.
Volume expanded during the decline while momentum weakened during rebounds. That behavior favors continuation rather than immediate reversal.
Bulls need to reclaim $735 first and then push back toward HVL before momentum can shift.
Until that happens, rallies remain vulnerable to rejection.
Bullish Scenario
Reclaim $735
Recover HVL at $741
Target $744
Target $745
Target $748
Target $750
Bearish Scenario
Lose $730
Test $727.50
Test $725
Potential flush toward $722.59
Potential extension toward $720-$719
Options Outlook (Jun 11 Session)
Bullish Setup
741C only after a confirmed reclaim above $735 and acceptance back above HVL.
Bullish Targets
$744
$745
$748
$750
Bearish Setup
730P if SPY loses $730 with volume confirmation.
Bearish Targets
$727.50
$725
$722.59
$720
$719
Conclusion
SPY remains below its declining trendline and below the HVL at $741. GEX positioning shows stronger resistance overhead than support underneath, keeping downside risk elevated. Bulls need to reclaim $735 and then recover HVL quickly to shift momentum. Until that happens, the path of least resistance remains toward the $725-$719 support cluster.
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Built for traders who want clarity, not noise.
bullbearxinsights.app
bullbearxinsights.app
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.