SPY Above ATH: Hold $690 or Reprice Fast
$SPDR S&P 500 ETF Trust(SPY)$ just broke structure and now above all time highs.
What does this mean?
The downtrend is gone. Two days of sustained upside.
Here’s what you need to know:
This market isn’t moving on stories. It’s moving on levels and reactions.
Make sure to check my chart for key levels to watch out for (areas to buy at)
Resistance: $692.30 the ceiling everyone is watching
Major support: $690–$691 institutional demand zone
If that fails, the air pocket opens to $688
Now the real risk.
Today’s data isn’t noise:
ADP employment just came in –41K vs +50K expected
JOLTS and ISM at 10am will decide if this rally is trusted or faded
Translation:
If SPY holds above $685 and $680, the market is signaling it’s not afraid of labor weakness.
If it loses those levels, this was distribution not strength.
This is not a “bull vs bear” market.
This is a confirmation market.
Break and hold above $690 → upside continuation.
Lose $680 → fast repricing.
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