$SPY · Verified Investing · 2026-11-02

Same with the S&P, but clearly we are driven by tech sentiment right now despite US oil crashing down on the charts. but let's get into the S&P 500 first to see what action we've got today.

Now, you can see here cleanly on the daily time frame. Last week was a big down candle, guys. Remember we were talking about on Thursday how we secured back into this inclining trend line on Wednesday.

Thursday held on to that trend line, but then my goodness, what a big gap down. We broke down beneath two different trend lines today. We didn't confirm the breakdown. Uh but we certainly are still hanging out near the lows.

Not good on the S&P 500 near-term whatsoever. Now, we do have support that's not that far away. That's this longer term uh top portion of the inclining parallel channel. You can see this parallel established back in October of 2022.

We've simply just been trying to navigate on top bouncing above. This is one of the reasons that I've explained on our breakout retrace bounce plays that they can work when they break out to the upside of an inclining breakout.

But it's just hard to maintain that momentum without price coming right back inside that parallel channel because after all it's extended to break out of an inclining trend line or inclining parallel channel.

So further selling pressure if we see that tomorrow. Notice that there's this shelf right here around 742 on the charts that has all these days of consolidation where the high end of those candles finish right on top.

And we also have the uh opposite where we have candles closing above made wicks right in that range. That's the next level of support should we see selling pressure hit the S&P 500 in the coming days.