r/spy

Currently, price has bounced from the 633 support zone and is trading around 655, which puts it in the middle of the structure, not at a key level. This area is typically chop territory because it sits between strong support (633) and resistance (661–670 zone). The next major test is whether price can reclaim 661–670, because if it does, the market structure shifts back toward a range and possibly a recovery toward 687–691 resistance. If it fails near 661–670 again, then this bounce is likely just a bear market rally, and price may rotate back toward 643 and possibly retest 633.

So structurally:

• Major Resistance: 691 → 687 → 670
• Current Mid Zone: ~655
• Major Support: 643 → 633

Right now the market is in a recovery attempt inside a larger downtrend, and the 661–670 zone is the key decision area that determines whether the trend changes or the downtrend continues. https://discord.gg/v66qeBsa8w Join Discord