Verified Investing on $SPY (Oct 26, 2026)
SPY remains broken down: it briefly edged above an inclining trend line but closed back below it, leaving 767.13 as resistance until daily closes above it. Support at 760.40 has been tested repeatedly and is weakening, and the next hit is expected to break deeper below it.
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So, let's break them down and start off with the S&P 500. We start off on the daily time frame on the S&P 500, which by the way is the ETF of the S&P.
So getting into today where we went, great move on the S&P 500 today. You saw both when we closed last Thursday, I was talking about how this was the first time that we're breaching this level, putting in a nice close under side on this inclining trend line.
Friday backed that up, pushed us right back down to this horizontal support line. We found ourselves here several times in the past and we continue to hammer on that level. It is just going to continue to get weaker until this floor ends up giving away.
Now to the upside, we cleanly got jammed up on upside resistance by this inclining trend line which we did get above ever so slightly today but did downfish underneath it. That's the most important thing.
So right now we're still remaining broken down. We had two closes uh in those two closes helped extend price from that trend line creating this to be resistance. I intend that to also be resistance tomorrow at 76713.
That will be the remaining line in the sand until we can put any daily closes above. As I've stated before, this is our current level of support that has been hidden one too many times.
That's at $760.40. I anticipate the next hit to have a deeper cut and a deeper push down underneath that horizontal trend line.
What this channel has said about $SPY
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