$S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ 📈🧠🔎 $SPX 6604 Is The Fulcrum As Shorts Surge 🔎🧠📈

Another increase in S&P 500 component short interest, up 3% in the report to 15Sep25, pushing to multi-year highs. If this were euphoria, price would likely be higher without that persistent supply from hedges and outright shorts.

$6604 day trading level. Looks a bit H&S if we lose that level. I’m anchored there because it is the intraday control point; hold it and the trend rhythm remains intact, lose it and the tape morphs into a classical head-and-shoulders with 6480 as the first magnet.

🔵 Support / floor: 6604

🔴 Danger zone: sustained prints below 6604 invite the H&S break toward 6480

🟠 Breakout alert: reclaim 6700 on volume and the path to 6750–6800 opens

🟢 Upside context: shorts at extremes add fuel to any squeeze

👉❓With short interest at multi-year highs while trend structure is intact, is the larger risk underestimating how far forced covering can carry the index?

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