$SPY: Breakout Or Rejection? The Key Level Traders Are Watching
Sellers tried to push the market into a deeper pullback, but key demand held firm and gave us a clean push right into our primary target zone. Here is the breakdown of how the setup played out and where levels stand with $SPDR S&P 500 ETF Trust(SPY)$ around $767.05.
Trade Breakdown & Execution
Next Setup & Game Plan
Next setup: I’m not chasing the move after taking profit. I’m waiting for another clean setup with defined risk.
With $SPY consolidating just under $770, buying mid-air carries poor risk-to-reward. Here are the two scenarios I'm watching next:
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The Retest Entry: Looking for a controlled pullback toward the $758.00 – $760.00 support block. If 4-hour candles show strong rejection wicks on low volume, I will evaluate a re-entry targeting $782.00.
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The Breakout Continuation: If price breaks above $773.00 on expanding buy volume, I will wait for a candle body close above resistance and take the retest.
Are you trimming profits on SPY around these levels, or holding out for a push toward $780+? Drop your chart levels in the replies!
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