SPY Strong bounce, but bigger signals suggest caution
$SPDR S&P 500 ETF Trust(SPY)$ Strong bounce, but bigger signals suggest caution. ⚠️
Today’s recovery was impressive after a rough open.
On the daily, we’re still holding the smart money zone between $550–$548—a key level where institutions often defend structure.
But zooming out 👇
The monthly BX closed 🔴, signaling that buying pressure is fading. Combine that with price still trading below the weekly market bias, and it’s hard to ignore the downside risk.
I still believe $540–$500 is likely in the coming months.
Best-case scenario? A short-term rally to $580–$590 before potential rejection.
No positions open here—just patiently waiting for confirmation.
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