SPY Approaching Key Resistance – What’s Next?

Technical Analysis (TA) & Key Levels

SPY is currently testing the upper trendline resistance around $570, indicating a breakout attempt from the recent downtrend. A successful break above this level could lead to further bullish momentum toward $573 - $583, aligning with the 7.97% CALL Resistance.
However, failure to sustain above $570 may trigger a pullback to $560, where put support exists, acting as a critical demand zone.

* Immediate Resistance: $570 - $573
* Breakout Target: $583 - $594
* Support Levels: $560, $549

Price Action & Market Structure
* A Break of Structure (BOS) is visible at $570, indicating a shift in momentum.
* The Change of Character (ChOCH) signaled a trend reversal, with buyers stepping in from the $555 - $560 range.
* The MACD is turning bullish, confirming positive momentum.
* Stochastic RSI suggests SPY is nearing overbought conditions—watch for potential profit-taking.

GEX & Options Sentiment

* HVL (High Volume Level) at $570T - Indicates a crucial battleground for price action.
* PUT Walls: $560 (highest negative NETGEX) – Strong support where buyers might step in.
* CALL Walls: $583, $594 – Targets if momentum sustains.
* GEX: Bearish bias with PUTs at 77.3%, indicating hedging pressure remains.

Trading Plan & Recommendation
📌 Bullish Setup:
* Enter on a confirmed breakout above $570, targeting $573-$583.
* Stop-loss: Below $567.

📌 Bearish Setup:
* A rejection at $570 can lead to a retest of $560.
* Stop-loss: Above $573.

Final Thoughts
SPY is at a critical inflection point. Watch for volume confirmation and options flow before committing to a direction. A decisive move above $570 opens room for upside, but a rejection could signal downside pressure toward $560.

📢 Disclaimer: This analysis is for educational purposes only. Always conduct your own due diligence and manage risk accordingly. 🚨