$SPY Bounces as Expected, With Another 1% Upside in Sight
$SPDR S&P 500 ETF Trust(SPY)$ had a strong session, just as anticipated.
Price was deeply oversold and bounced directly off the Smart Money Zone.
There's also very little volume on the volume profile between current levels and roughly $760–764, leaving room for price to move higher.
Here's what I'm watching:
🟢 Near-term outlook
I expect $SPY to continue moving higher into tomorrow and through the rest of the week, potentially gaining another 1% before facing a possible rejection.
🎯 Key resistance
The $760–765 area is where I'd consider taking some short-term risk off the table.
🛡️ Critical support
The $727 swing low remains intact. We discussed the worst-case scenario at the start of the week, but that downside risk only becomes a bigger concern if this level breaks.
Overall, I'm still very bullish on the market. The current setup favors further upside, as long as $727 holds.
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