SPY Trend Break Signals Rising Downside Risk
$SPDR S&P 500 ETF Trust(SPY)$ trend just snapped and the market knows what’s coming next.
Make sure to check out chart below to see my key levels of support and resistance!
SPY didn’t drift lower. It rejected.
From $692 → $688, the uptrend failed.
$688 is now the premarket low.
$690 has flipped from support to resistance.
There is a wall of sellers.
Jobless claims came in flat.
But markets don’t trade today’s data they trade tomorrow’s risk.
And tomorrow is labor.
Here are the numbers most traders ignore:
• Every major bear market since WWII began after unemployment started rising, not before.
• When unemployment rises 0.5% from its low US has never avoided recession.
• The average SPY bear market sees a 34% drawdown, and the first leg usually starts while data still looks fine
That’s where we are now. Price broke trend.
Resistance is overhead.
Key levels:
$690 = line in the sand
$688 = fragile support
$684.50 = next real demand
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