Verified Investing on $SPY (Oct 29, 2026)
SPY reclaimed its upward trend line with momentum, but after-hours earnings reaction pulled it back below it after the close; SPY has saved itself in the short term, but it may open tomorrow below that trend line, which would be a big change for the S&P 500.
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Do you remember yesterday on the S&P 500 how we discussed the price action as it broke through the upward trend line with continued momentum? This allowed today's price action to remain elevated and supported above that upward trend line .
After trading hours, and as I mentioned, with the earnings reports released, the price action pulls Spiders shares down below that trend line. So, in the short term, we have defined that very precisely.
That level was the area of conflict today. Spiders has saved itself, at least in the short term, but post-closing trading paints a different picture in which we may open tomorrow below the upward trend line that Spiders has tried so hard to get back above.
So, this is a big change, at least for the S&P 500.
What this channel has said about $SPY
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