Verified Investing on $SPY (Oct 30, 2026)
SPY's failed breakout near the S&P 500's inclining trend line makes the speaker cautious: he expects support to be tested and likely blown through, with further selling next week toward the gap fill at 75401 and then the 750 round number, where at least a small to medium bounce is anticipated near to mid term.
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Now, we start off with the S&P 500, and you can see here on the daily time frame with the SPY ETF. Now, yesterday we were highlighting how price action did a great job maintaining above this inclining trend line.
Notice how price regained that trend line today failing. That's a failed breakout attempt near-term on the S&P 500. My anticipation this support line will get tested today and likely blown through.
That support is at 76040 and then this next gap fill at 759.97. Whenever you have a failed move to the upside, generally you see some of the biggest moves in the opposite direction.
So that's why I'm being more cautious today, anticipating further selling pressure, pushing price down next week, likely testing this gap fill here at 75401. And if I scroll back out onto the chart, you can see I've got an inclining top portion of this parallel channel.
Now, this parallel channel, as you see, started all the way back here in October of 2022. That's where I think this near-term selling pressure is going to be headed. That's past this gap fill down here at 750 points on the spiders.
There's something about key psychological whole round numbers that attracts buyers and that's where I'm anticipating at least in the near to midterm seeing the markets stage a medium or small bounce uh on the S&P 500.
What this channel has said about $SPY
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