Last time. The Sep 7 issue set two tests: a hold above 771-772 to give the bulls the edge, and a push above ~775 as stronger confirmation. Below, 769.08 was the near level, with 762.63 - last week's low - flagged as the more consequential one; a break there was expected to tilt the read bearish.
That's exactly what happened first - 762.63 broke, and the bearish tilt showed up as flagged. Then, post-Fed, the market reversed hard. On the way back up, an interim update flagged 765.47 as the fresh resistance to watch. It didn't hold either - price cleared it and never looked back, running straight through to today's levels. That full round trip - bearish break, reversal, new resistance cleared, no hesitation - is the clearest example yet of why these levels are areas of interest, not certainties. The backdrop shifted (the Fed) and the technical read shifted with it, fast.
Where we are. Today's move was sharp, but it still hasn't resolved the resistance ahead. SPY is trading beneath a tight band at 774.92-775.68 - currently being approached from below, which is what makes it resistance right now. That's not a fixed property of the price; it's a function of which side is testing it. The same zone, approached from above after a breakout, would be read entirely differently.
You'll notice the levels on the chart carry different colors and line styles. That's part of a broader structure behind how these levels get built - more on that over time as it's useful, but for now the takeaway is simple: color and style are labels, not verdicts. What matters is price behavior at the level, not how it's drawn.
Above: 774.92, then 775.68. A hold below keeps this in "testing" mode. A clean push through both would flip this same zone toward potential support on any pullback.
Below: 769.20, then 758.38. 769.20 is the nearer level - losing it is the first sign this rally is stalling. 758.38 is more consequential, especially given how sharply the market already rejected the lower end of this range once.
Posture. None of these levels are buy or sell signals - they're places price has shown it can react, nothing more. Whether one actually holds depends on the broader backdrop at the time it's tested, not the number in isolation. Right now: a rejection at 774.92-775.68 keeps this a range to fade at the top; a decisive close through it says the range is done and the level should be watched for a retest from above.
That's exactly what happened first - 762.63 broke, and the bearish tilt showed up as flagged. Then, post-Fed, the market reversed hard. On the way back up, an interim update flagged 765.47 as the fresh resistance to watch. It didn't hold either - price cleared it and never looked back, running straight through to today's levels. That full round trip - bearish break, reversal, new resistance cleared, no hesitation - is the clearest example yet of why these levels are areas of interest, not certainties. The backdrop shifted (the Fed) and the technical read shifted with it, fast.
Where we are. Today's move was sharp, but it still hasn't resolved the resistance ahead. SPY is trading beneath a tight band at 774.92-775.68 - currently being approached from below, which is what makes it resistance right now. That's not a fixed property of the price; it's a function of which side is testing it. The same zone, approached from above after a breakout, would be read entirely differently.
You'll notice the levels on the chart carry different colors and line styles. That's part of a broader structure behind how these levels get built - more on that over time as it's useful, but for now the takeaway is simple: color and style are labels, not verdicts. What matters is price behavior at the level, not how it's drawn.
Above: 774.92, then 775.68. A hold below keeps this in "testing" mode. A clean push through both would flip this same zone toward potential support on any pullback.
Below: 769.20, then 758.38. 769.20 is the nearer level - losing it is the first sign this rally is stalling. 758.38 is more consequential, especially given how sharply the market already rejected the lower end of this range once.
Posture. None of these levels are buy or sell signals - they're places price has shown it can react, nothing more. Whether one actually holds depends on the broader backdrop at the time it's tested, not the number in isolation. Right now: a rejection at 774.92-775.68 keeps this a range to fade at the top; a decisive close through it says the range is done and the level should be watched for a retest from above.
Structure, not signals. 25+ years trading.
SPY levels, posture, and what would change the read — graded post to post.
aspentrading.com
SPY levels, posture, and what would change the read — graded post to post.
aspentrading.com
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
Structure, not signals. 25+ years trading.
SPY levels, posture, and what would change the read — graded post to post.
aspentrading.com
SPY levels, posture, and what would change the read — graded post to post.
aspentrading.com
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.