The S&P 500 holds its breakout, at least on the SPY read
US5001DBullishpublished 03:08 · updated never, that’s the point
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SPY’s rally off the July low gave back two sessions near the top before buyers stepped in again.
SPY, the ETF this analysis reads in place of the S&P 500 cash index, rallied hard through late July and early August, and even the two-session pullback that followed its Aug 5 high found buyers again well above the base of the advance because the retreat never threatened to break back into the range it came from, and the index level itself is inferred from that proxy rather than observed directly.