SPDR S&P 500 ETF Trust (
SPY)
is pressing into all-time high resistance within a robust weekly uptrend. Trading at $774.83 (Post-market: $775.28 at time of posting), price action is consolidating just below its local high of $779.37 inside a defined overhead Resistance Block. A weekly close above $779.37 clears the overhead supply and signals a continuation of the primary bull trend. If price rejects at this key barrier, immediate downside support rests at the upper Point of Control (POC) at $765.69, followed by internal support at $756.00 along the weekly current trendline.
Bullish Scenario
(Breakout Expansion): Hold above $765.69 $\rightarrow$ Break through $779.37 Resistance Block ➡️ Price discovery into new all-time highs.
Bearish / Pullback Scenario
(Support Retest): Rejection at $779.37 ➡️ Retest $765.69 (Upper POC) ➡️ Secondary dip toward $756.00 (Internal Support) to retest the weekly current support line.
All publications are for EDUCATIONAL PURPOSES ONLY.
Not financial Advice.
SPY)is pressing into all-time high resistance within a robust weekly uptrend. Trading at $774.83 (Post-market: $775.28 at time of posting), price action is consolidating just below its local high of $779.37 inside a defined overhead Resistance Block. A weekly close above $779.37 clears the overhead supply and signals a continuation of the primary bull trend. If price rejects at this key barrier, immediate downside support rests at the upper Point of Control (POC) at $765.69, followed by internal support at $756.00 along the weekly current trendline.
Bullish Scenario
(Breakout Expansion): Hold above $765.69 $\rightarrow$ Break through $779.37 Resistance Block ➡️ Price discovery into new all-time highs.
Bearish / Pullback Scenario
(Support Retest): Rejection at $779.37 ➡️ Retest $765.69 (Upper POC) ➡️ Secondary dip toward $756.00 (Internal Support) to retest the weekly current support line.
All publications are for EDUCATIONAL PURPOSES ONLY.
Not financial Advice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.